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Ex-Citigroup Banker Wants to Take His Ryde App to Hong Kong

  • Startup now in talks to raise S$10 million in latest round
  • Ryde taking on GrabTaxi in some of Asia's costliest cities
Vehicles sit in traffic at an intersection on Lung Wo Road in the Central district in Hong Kong, China, on Friday, Oct. 10, 2014. Hong Kong pro-democracy protest leaders called on supporters to flood the city's streets today after the government called off talks aimed at ending the two-week standoff.
Photographer: Brent Lewin/Bloomberg

Ex-Citigroup Inc. banker Terence Zou started a carpooling app in Singapore to help cut road congestion, pollution and commuting costs. Now he’s in talks to raise money so he can bring that model to another crowded city -- Hong Kong.

Zou’s Ryde Technologies Pte is in discussions to raise about S$10 million ($7 million) in new financing to help fend off rival GrabTaxi and prepare to take his app abroad. The discussions come two months after the company raised S$2 million in a seed round from Singaporean investors.