Ride-hailing app Ryde gains investment from Nomad X, appoints its director as chairman

SINGAPORE ride-hailing app Ryde announced on Tuesday that it has received an undisclosed sum from investment firm Nomad X and appointed Nomad X's director and chief investment officer Tan Suan Jin as chairman.

Ryde said the investment will be used to expand operations, roll-out new features, enhance proprietary payment systems and deepen the technical expertise of the team.

Mr Tan noted that ride-hailing in Singapore has been a "very exciting and competitive industry", and added that it is "heartwarming" to find a Singaporean company being able to hold their own against the competition and be at the forefront of innovation.

Terence Zou, founder and CEO of Ryde Technologies, said: "We are very happy to have Suan Jin onboard as chairman. His excellent professional experience in investing and working with companies over the years would be most useful for us as we plan to expand and innovate aggressively in the coming months."

Ryde's carpooling services was launched in early 2015, and has since expanded further into the mobility space by partnering with ComfortDelGro.