Ryde (company)

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Ryde Group Ltd, commonly referred to as Ryde, is a Singapore-based technology company that provides a suite of transportation and logistics services. Founded in 2014 by Terence Zou, Ryde has 9 mobility services available, including carpooling, private-hire, and quick commerce services.[1]

History

Terence Zou founded Ryde in 2014 with a vision to solve the traffic congestion and pollution problems in Singapore. He saw an opportunity to offer carpooling services as an on-demand solution due to the advancements in technology, including the widespread use of smartphones and digital payment services.[2] Mr. Zou has been in the company since inception.[3]

Ryde initially launched with two carpooling services, RydePOOL and RydeFLASH, in April 2015. In May 2018, Ryde launched its private-hire service, RydeX, shortly after Uber exited Singapore via a Grab-Uber merger.[4][5][6] In an interview, Mr. Zou cited that this was an “opportune time” to enter and fill a gap in the market.[7][8] Over the years, Ryde expanded its offerings and now includes RydePET, RydeXL, RydeLUXE, RydeSEND, RydeTAXI,[9] and RydeHIRE.

In September 2019, Ryde partnered with Trans-Cab, Singapore’s second-largest taxi operator, to enable Trans-Cab drivers to take ride-hailing jobs requested through the Ryde platform.[10] In October 2019, Ryde started operating in Kuala Lumpur,[11] Hong Kong,[12] and Sydney.[13]

Funding

Ryde’s last fundraising round was in April 2023, having raised over US$2 million from family office Octava.[14]

Most notably, on August 31, 2023, Ryde filed for an Initial Public Offering with the U.S. Securities and Exchange Commission according to an SEC F-1 registration statement.[15][16] Ryde plans to list on the NYSE American under the symbol RYDE.[17]

Operations

Products

There are 3 main types of services provided on the Ryde platform: carpooling (RydePOOL), ride-hailing (RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeHIRE, and RydeTAXI), and quick commerce (RydeSEND).[18]

References

  1. ↑ Pei, Mia (2023-09-12). "Ride-hailing firm Ryde files for $23 million US IPO". The Straits Times. ISSN 0585-3923. Retrieved 2023-09-19.
  2. ↑ KrASIA (2020-07-30). "This Is How S'porean Ride-Hailing Startup Ryde Survives Competition With Giants". Vulcan Post. Retrieved 2023-09-19.
  3. ↑ Jones, Donovan (2023-09-05). "Ryde Group Ltd. Files For $17 Million U.S. IPO (RYDE) | Seeking Alpha". seekingalpha.com. Retrieved 2023-09-19.
  4. ↑ "Homegrown player Ryde to take on Grab in new round of ride-hailing battle". TODAY. Retrieved 2023-09-19.
  5. ↑ Pham, Sherisse (2018-03-25). "Uber quits 8 countries in Southeast Asia, selling out to rival Grab". CNNMoney. Retrieved 2023-09-19.
  6. ↑ "Ryde wants to replace Uber in Singapore, launches private-hire service". Yahoo News. 2018-03-28. Retrieved 2023-09-19.
  7. ↑ "Homegrown app Ryde plans to launch private-hire service in coming weeks". TODAY. Retrieved 2023-09-19.
  8. ↑ Abdullah, Zhaki (2018-03-28). "Ryde plans entry into private-hire car market". The Straits Times. ISSN 0585-3923. Retrieved 2023-09-19.
  9. ↑ Correspondent, Toh Ting WeiTransport (2019-09-25). "Ride-hailing firm Ryde to offer Trans-Cab taxi bookings through app from October". The Straits Times. ISSN 0585-3923. Retrieved 2023-09-19.
  10. ↑ Correspondent, Toh Ting WeiTransport (2019-09-25). "Ride-hailing firm Ryde to offer Trans-Cab taxi bookings through app from October". The Straits Times. ISSN 0585-3923. Retrieved 2023-09-19.
  11. ↑ "Ryde carpool app launches in Malaysia". www.malaysian-business.com. Retrieved 2023-09-19.
  12. ↑ Correspondent, Adrian LimPolitical (2016-01-15). "Local carpooling app Ryde to expand to Hong Kong". The Straits Times. ISSN 0585-3923. Retrieved 2023-09-20.
  13. ↑ "Singaporean startup Ryde challenges Grab's ride-hailing empire". Nikkei Asia. Retrieved 2023-09-19.
  14. ↑ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2023-09-19.
  15. ↑ Jones, Donovan (2023-09-05). "Ryde Group Ltd. Files For $17 Million U.S. IPO (RYDE) | Seeking Alpha". seekingalpha.com. Retrieved 2023-09-19.
  16. ↑ "Ryde Group Files for IPO With SEC". MarketWatch. Retrieved 2023-09-19.
  17. ↑ renaissancecapital.com (2023-08-31). "Ticket to ride: Singapore-based ride-hailing app Ryde Group files for a $17 million US IPO". Renaissance Capital. Retrieved 2023-09-19.
  18. ↑ Jones, Donovan (2023-09-05). "Ryde Group Ltd. Files For $17 Million U.S. IPO (RYDE) | Seeking Alpha". seekingalpha.com. Retrieved 2023-09-19.

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