Ryde Group

Last updated
Ryde Group Ltd
Company typePublic
AMEX:  RYDE
FWB:  D0S
Industry
FoundedSeptember 2014
Founder Terence Zou
Headquarters Singapore
Key people
Terence Zou
(Founder, Chairman & CEO)
RevenueIncrease2.svg S$8.8 million (2022) [1] [2]
Website www.rydesharing.com

Ryde Group Ltd is a ride-hailing and carpooling company headquartered in Singapore. Established in September 2014, the company operates across multiple regions, with soft launches in Malaysia, Hong Kong, and Australia. [3]

Contents

It was listed on the New York Stock Exchange (NYSE) on March 6, 2024, following its initial public offering. [4] [5]

History

2014–2020

Ryde Group Ltd was founded by Terence Zou in 2014 during the expansion of ride-hailing services in Southeast Asia. [6] Prior to founding the company, Zou served in the Republic of Singapore Navy for eight years, commanding the RSS Resilience and receiving the Queen's Binoculars award in 1995 at Britannia Royal Naval College. Following his military service, he obtained an MBA from Harvard Business School and worked in finance. Zou conceived the idea for a carpooling platform in 2004 while serving in the Navy and later left his finance career to launch Ryde. [7]

Originally launched as a social carpooling platform, Ryde later expanded its services to include private-hire and taxi bookings, as well as on-demand courier services. [8] [9] In 2020, the company launched the Ryde Education Merit Awards to provide financial assistance to the children of its driver-partners. This program was later expanded to include scholarships. [10] In 2015, the company was certified by the Singapore Centre of Social Enterprise and became part of DBS Bank's Asia-for-Good programme. [11] [12]

2021−2024

In March 2021, Ryde appointed SAC Capital to oversee its preparations for a listing on Catalist. [13] [14] During the same year, Ryde also launched an NFT collection. [15] The company was subsequently listed on the New York Stock Exchange (NYSE) in March 2024. In June 2024, it was also listed on the Frankfurt Stock Exchange (FSE) and the Stuttgart Stock Exchange (XSTU) under the symbol D0S. [16]

In December 2024, Ryde's licenses for full ride-hail and carpool services were renewed for a three-year period. [17] [18]

Funding

In 2016, Ryde secured S$1 million in funding, [19] followed by an additional S$2.5 million. [20] By 2017, it had raised S$5.8 million and partnered with ComfortDelGro. [21] [22] In 2020, the company raised USD 9.5 million from investors, including Sea Group. [23] In April 2023, it received over US$2 million from Octava. [8] In January 2024, DLG Ventures invested S$2.3 million. [24] Ryde went public on the NYSE in March 2024, raising US$12 million through its IPO, [16] followed by a US$4.5 million public offering in September 2024. [25]

See also

References

  1. ↑ Pei, Mia (November 14, 2024). "Ride-hailing firm Ryde files for $23 million US IPO". The Straits Times. Archived from the original on 2024-02-07.
  2. ↑ Goh, Timothy (June 10, 2024). "S'pore ride-hailing firm Ryde completes secondary listings in Germany, eyes investors in Europe". The Straits Times. Archived from the original on 2024-10-09.
  3. ↑ "Ryde IPO: Singapore's First Ride-Hailing Startup to List on the New York Stock Exchange (RYDE:NYSE)". Dollars & Sense . 2024-03-17.
  4. ↑ Kumaresan, Shivani (March 11, 2024). "Why Is Ride-Hailing Startup Ryde's Stock In High Gear Today? - Ryde Group (AMEX:RYDE)". www.benzinga.com.
  5. ↑ Goh, Timothy (March 7, 2024). "S'pore ride-hailing firm Ryde holds steady in trading debut on New York Stock Exchange". The Straits Times .
  6. ↑ "早人物：Ryde创始人邹俊明 从大巴窑八巷敢敢驶入华尔街". www.zaobao.com.sg (in Simplified Chinese).
  7. ↑ Shah, Farhan (2021-06-01). "How his mother's passing taught Ryde CEO Terence Zou about life and toppling giants". PEAK Singapore.
  8. 1 2 Taufik, Shadine (18 Apr 2023). "SG's Ryde bags $2m from family office". www.techinasia.com.
  9. ↑ "Ryde expands into on-demand courier service with RydeSEND". The Edge Malaysia.
  10. ↑ Stewart, Melissa (1 September 2021). "Ryde's CEO on overcoming adversity and the value of hard work". CNA (TV network) .
  11. ↑ "Singapore carpooling startup Ryde raises US$1mil". Digital News Asia. 2015-11-23.
  12. ↑ Reporter, Staff (2015-12-04). "Shut up and Ryde: This Airbnb-style app promotes carpooling to solve transport woes | Singapore Business Review". sbr.com.sg.
  13. ↑ Lee, Yoolim (March 8, 2021). "Grab Rival Ryde Appoints Financial Adviser for Singapore IPO". Bloomberg.
  14. ↑ Pillai, Sharanya (2021-03-08). "Ryde targets S$200m Catalist IPO in 2022; to add 100 staff". The Business Times.
  15. ↑ Singh, Ishan (2022-05-06). "S'pore ride-hailing firm Ryde CEO on launching NFTs, 'ride-to-earn' model and crypto payments". Vulcan Post.
  16. 1 2 "Singapore's Ryde completes secondary listings in Germany, eyes investors in Europe". The Business Times. 2024-06-11.
  17. ↑ "Ryde gets ride-hailing, carpool service licences in S'pore". The Straits Times. 2021-10-21. Archived from the original on 2025-01-08.
  18. ↑ Wong, Derryn (2024-12-23). "Two new ride-hailing operators awarded provisional licences in Singapore". The Business Times.
  19. ↑ "Singapore carpooling startup Ryde raises US$1mil". Digital News Asia. 2015-11-23.
  20. ↑ Tan, Jeffrey (22 February 2016). "Carpooling app RYDE seeks to alleviate travel woes". The Edge Malaysia.
  21. ↑ Pei, Mia (2023-09-12). "Ride-hailing platform Ryde files for NYSE IPO to raise US$17 million". The Business Times.
  22. ↑ Koh, Valerie (May 25, 2017). "Comfort hooks up with Ryde to offer taxi-booking service". TODAY.
  23. ↑ Mulia, Khamila (2020-06-30). "This is how Singaporean ride-hailing startup Ryde survives competition with giants: Startup Stories". KrASIA.
  24. ↑ "3,000,000 Class A Ordinary Shares - Ryde Group Ltd". www.sec.gov.
  25. ↑ "Ryde Group Ltd Profile - SEC.gov". www.sec.gov.
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