Ryde Group Ltd.

General Information

We are a Singapore-based ride-hailing app. (Incorporated in the Cayman Islands)

Our vision is to become a “Super mobility app” where multiple mobility tools can be accessed and function seamlessly out of a single app, offering ultimate convenience and reliability for our customers. We currently operate in Singapore, with our core businesses in the following segments: (i) mobility, where we provide on-demand and scheduled carpooling and ride-hailing services, matching riders to our driver partners; and (ii) quick commerce, where we provide on-demand, scheduled, and multi-stop parcel delivery services.

Our mobility business segment includes carpooling and ride-hailing.

Carpooling refers to services that connect riders with driver partners who provide rides in a variety of vehicles, such as cars of different seating capacities. Carpooling is about sharing rides and is provided via our RydePOOL service in our mobile app. We launched carpooling through our RydePOOL service in Singapore. RydePOOL allows real-time, on-demand bookings as well as advance bookings via our Schedule Pickup function, and only allows seating capacity for one rider per request, while riders may have to share their ride with other riders.

Ride-hailing refers to services that connect riders with private-hire or taxi drivers, with the rider having the option to choose the type of ride from a variety of vehicles, such as cars of different seating capacities and make. We started off with only carpooling services, but ride-hailing services was a natural adjacency for us as we have the technology and the platform to enable it. Our ride-hailing services allow riders to determine the number of seats they require for the trip, and offers real-time, on-demand bookings as well as advance bookings and multi-stop options. We started to grow our offerings in this space and currently have the following different service offerings: RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeHIRE, and RydeTAXI services.

Quick Commerce is a package delivery booking service, which enables driver partners to accept bookings for package delivery services through our driver partner app. Our partners that fulfill deliveries range from driver partners, to motorcyclists and walkers as well. Consumers can arrange for instant deliveries and cater for different package sizes. E-commerce businesses, Food and Beverage businesses and social sellers can utilise our last mile delivery services to their customers as an option as well. We provide our quick commerce service through our RydeSEND offering, which comprises of real-time on-demand, scheduled, and multi-stop parcel delivery services.

Acquisition of Meili

On February 20, 2023, we completed the purchase of Meili Technologies Pte. Ltd. (“Meili”), a last-mile on-demand logistics service provider in Singapore, where we purchased the entire issued and paid-up share capital of Meili for a purchase consideration of S$450,000 which shall be satisfied through the issuance of exchangeable notes to the shareholders of Meili in an amount equal to the proportion of the purchase consideration (“Meili Acquisition”). The Meili Acquisition enables us to expand our business into the quick commerce industry, thereby increasing our revenue streams, acquire a new consumer and driver partner’s base as well as improve our operational efficiency. By leveraging on the existing technology and operational infrastructure of Meili, our operational costs have reduced. We believe that the Meili Acquisition helps us to stay competitive in the quick commerce market and potentially grow our business. 

*Note: Net loss and revenue figures are in U.S. dollars for the 12 months that ended June 30, 2023.

(Note: Ryde Group Ltd. priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and priced 3.0 million shares – the same number of shares in the prospectus – to raise $12.0 million on Tuesday night, March 5, 2024.)

(Note: Ryde Group Ltd. increased the size of its micro-cap IPO in an F-1/A filing dated Jan. 18, 2024, to 3.0 million shares – up from 2.25 million shares originally – and kept the price range the same at $4.00 to $5.00 – to raise $13.5 million. Background: Ryde Group Ltd. disclosed terms for its IPO in an F-1/A filing dated Sept. 29, 2023: 2.25 million Class A ordinary shares at a price range of $4.00 to $5.00 to raise $10.13 million. Background: Ryde Group Ltd. filed its F-1 on Aug. 31, 2023, without disclosing terms for its IPO. The company submitted confidential IPO documents to the SEC in May 2023.)

Industry: Ride-Hailing App
Employees: 38
Founded: 2014
Contact Information
Address Duo Tower, 3 Fraser Street, #08-21 Singapore 189352 +65-9665-3216
Phone Number +65-9665-3216
Web Address http://www.rydesharing.com/
View Prospectus: Ryde Group Ltd.
Financial Information
Market Cap $86.04mil
Revenues $7.83 mil (last 12 months)
Net Income $-4.61 mil (last 12 months)
IPO Profile
Symbol RYDE
Exchange NYSE - American
Shares (millions): 3.0
Price range $4.00 - $4.00
Est. $ Volume $12.0 mil
Manager / Joint Managers Maxim Group
Expected To Trade: 3/6/2024
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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