History
2014–2020
Ryde Group Ltd was founded by Terence Zou in 2014 during the expansion of ride-hailing services in Southeast Asia. [8] 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. [9]
The company was initially launched as a social carpooling platform and later expanded into private-hire and taxi bookings, as well as on-demand courier services. [10] [11] It received regulatory approval from Singapore’s Land Transport Authority (LTA) to operate as a Class 1 third-party taxi booking provider. [12] In 2015, the company was certified by the Singapore Centre of Social Enterprise and became part of DBS Bank's Asia-for-Good programme. [13] [14] In 2020, Ryde introduced the Ryde Education Merit Awards to provide financial assistance to the children of its driver-partners. The program was later expanded to include scholarships. [15]
2021−2024
In March 2021, Ryde appointed SAC Capital to oversee its preparations for a listing on Catalist. [16] [17] During the same year, Ryde also launched an NFT collection. [18] 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. [19] In August 2024, Ryde announced a partnership with Singapore Life Ltd. (Singlife) to provide accident insurance for passengers. In November 2024, the arrangement was extended to cover work injury compensation for drivers, scheduled to take effect on 1 January 2025. These announcements occurred prior to the passage of Singapore’s Platform Workers Bill in September 2024, which introduced mandatory protections for gig workers, including compensation in cases of workplace injury. [5]
In December 2024, Ryde's licenses for full ride-hail and carpool services were renewed for a three-year period. [20] [21] That same month, the company launched RydeGreen, a programme involving partnerships with automobile manufacturers, vehicle leasing companies, and electric vehicle charging providers to support the use of electric vehicles. [22]
2025-present
In June 2025, Ryde partnered with Tencent Cloud on digital infrastructure for the mobility sector in Southeast Asia. [23] The following month, the company announced RydeLUXE 6, a proposed service using electric and plug-in hybrid vehicles in Singapore. [24] [25] Around the same time, Ryde acquired a stake in Atoll, an electric-vehicle rental company. [26] In August 2025, Ryde announced a collaboration with Concorde International Group Ltd. on programmes for its driver-partners in Singapore. [27] [28] [29] [30]
The company also partnered with MooVita, an autonomous-vehicle technology firm, to develop a proposed driverless shuttle service linking Punggol to MRT stations and other transport hubs. [31]
Funding
In 2016, Ryde secured S$1 million in seed funding, [13] followed by S$2.5 million. [32] By 2017, the company had raised S$5.8 million and entered into a partnership with ComfortDelGro. [33] [34] In 2019, it received an undisclosed investment from Nomad X to support the Ryde app. [35] In 2020, the company raised US$9.5 million from investors, including Sea Group. [36] In April 2023, it received over US$2 million from Octava. [10] In early 2023, Ryde acquired Meili Technology. [37] In January 2024, DLG Ventures invested S$2.3 million. [38] In March 2024, Ryde went public on the NYSE, raising US$12 million through its IPO, [19] followed by a US$4.5 million public offering in September 2024. [39]
Services
Ryde operates carpooling, private-hire, and taxi-booking services in Singapore. Ryde also introduced RydeSend, a same-day courier service, in 2018. [40] In 2020, it started the Ryde Education Merit Awards, a scheme providing bursaries and scholarships for drivers’ children. [40] It has piloted services in Malaysia, Hong Kong, and Australia in 2023. In 2025, the company said that any cross-border service between Singapore and Johor would require approvals from regulators in both countries. [41]
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S$8.8 million (2022) [1] [2]