A Toronto businessman who was soundly defeated in the 2019 federal election says he's joining the race to become Canada's next Conservative leader.

Bobby Singh, a self-described entrepreneur with experience in startup businesses, said he intends to dramatically reshape the Conservative party to better reflect the country.

"Canada has changed and so too must the Conservative party," he said in a news release.

As Conservative leader, Singh said he would introduce "a revitalized Conservative platform which will work for all Canadians."

Singh said his priorities as Conservative leader will include: lowering taxes, addressing shortcomings in environmental policies, introducing fair and compassionate immigration policies, and implementing "tough on crime" safety measures, among many others.

"We must move forward and accept the social changes that have occurred and are supported by the majority of Canadians," he wrote in his leadership announcement. "Let's not maintain the status quo, but rather, let's embrace real action towards renewal and growth."

The field to replace Andrew Scheer as Conservative leader includes several high-profile names, including former cabinet minister Peter MacKay, and the Conservative MPs Erin O'Toole, Marilyn Gladu and Pierre Poilièvre.

Former Conservative interim leader Rona Ambrose is also believed to be considering a leadership run.

All candidates must pay a $200,000 non-refundable entry fee to be considered in the race.

Singh was the Conservative candidate in Scarborough-Rouge Park in 2019, but garnered just over 20 per cent of the vote.

The Liberal incumbent Gary Anandasangaree comfortably held onto the seat with more than 62 per cent.