Ryde Group Ltd is a technology-driven company headquartered in Singapore, operating as a leading platform in the mobility and quick commerce sectors. Incorporated on February 21, 2023, in the Cayman Islands as an exempted company with limited liability, Ryde Group has rapidly established itself as a key player in Singapore’s transportation and delivery markets. The company’s vision is to become a “super mobility app,” offering a range of ride-hailing, carpooling, and delivery-focused services that cater to diverse consumer needs. Ryde Group Ltd is listed on the NYSE American under the ticker symbol “RYDE” and has secondary listings on the Frankfurt and Stuttgart Stock Exchanges under the symbol “DOS.”
Company Profile
The company operates a marketplace that connects demand (riders and consumers) with supply (driver partners) through a sophisticated technology platform. Its mobile app facilitates seamless on-demand and advance booking services, including ride-hailing, pet-friendly travel, and package delivery. Ryde Group emphasizes innovation, leveraging telematics and data analytics to enhance safety, efficiency, and user experience. The company’s brand, “Ryde,” is a household name in Singapore, synonymous with reliable and accessible mobility solutions.
Ryde Group’s operations are primarily focused in Singapore, where it derives all its revenue. The company has plans to expand into other countries, aiming to replicate its success in new markets. Despite its early stage of growth, Ryde Group faces intense competition and regulatory challenges, yet its commitment to technological advancement and customer satisfaction positions it for future growth.
Business Segments
Ryde Group operates in three primary business segments: Mobility, Quick Commerce, and Other Services (including Membership and Advertising Initiatives). Below is a detailed breakdown of each segment, including their contributions to the company’s revenue for the year 2024.
1. Mobility
The Mobility segment is the core of Ryde Group’s operations, offering ride-hailing and carpooling services through its mobile app. This segment includes various service offerings tailored to different customer needs, such as standard rides, pet-friendly travel, and luxury options. The company connects riders with driver partners, facilitating both on-demand and advance bookings. The Mobility segment is supported by advanced algorithms and telematics technology to optimize ride allocation and enhance safety.
- Revenue Contribution (2024): S$5,787,000 (US$4,236,000)
- Percentage of Total Revenue: 64.66%
- Key Features:
- On-demand and advance booking options.
- Multiple service tiers (e.g., RydeX, RydeXL, RydeLUXE, RydePET, RydeFLASH, RydeTAXI).
- Telematics for driver behavior monitoring and incident management.
- Partnerships with taxi companies to expand service offerings.
2. Quick Commerce
The Quick Commerce segment focuses on package delivery services, enabling driver partners to accept bookings for instant deliveries through the Ryde driver partner app. Consumers can arrange deliveries for various package sizes, catering to both individual and business needs. This segment leverages the same technology platform as Mobility, ensuring efficient and reliable service.
- Revenue Contribution (2024): S$221,000 (US$162,000)
- Percentage of Total Revenue: 2.47%
- Key Features:
- Instant delivery bookings via the RydeSEND service.
- Flexible package size options.
- Integration with the driver partner app for seamless workflow management.
3. Other Services (Membership and Advertising Initiatives)
This segment includes revenue from membership programs (Ryde+) and advertising initiatives. The Ryde+ membership offers benefits such as top-up bonuses and enhanced consumer engagement, while advertising revenue comes from merchants utilizing Ryde’s platform to promote their services.
- Membership Revenue (2024): S$575,000 (US$421,000)
- Advertising Initiatives Revenue (2024): S$2,280,000 (US$1,669,000)
- Total Other Services Revenue (2024): S$2,855,000 (US$2,090,000)
- Percentage of Total Revenue:
- Membership: 6.42%
- Advertising Initiatives: 25.47%
- Total Other Services: 31.89%
- Key Features:
- Ryde+ membership rewards with top-up bonuses in RydeCoins.
- Advertising services provided to merchants, recognized upon service delivery.
- Incentives to promote consumer loyalty and engagement.
Revenue Breakup Summary (2024):
| Segment | Revenue (S$’000) | Revenue (US$’000) | Percentage of Total Revenue |
|---|---|---|---|
| Mobility | 5,787 | 4,236 | 64.66% |
| Quick Commerce | 221 | 162 | 2.47% |
| Membership | 575 | 421 | 6.42% |
| Advertising Initiatives | 2,280 | 1,669 | 25.47% |
| Total | 8,950 | 6,551 | 100.00% |
Products and Services
Ryde Group offers a diverse portfolio of services under its Mobility and Quick Commerce segments, along with supplementary offerings like RydePay and business expense management tools. Below is a comprehensive list of the products and services, with detailed descriptions and their revenue contributions for 2024.
Mobility Services
- RydeX:
- Description: A basic on-demand ride-hailing service for 1–4 passengers, assigned to private hire or taxi drivers. Pets are not allowed.
- Revenue Contribution: Part of the Mobility segment (64.66% of total revenue).
- Key Features: Affordable, standard ride option for individual or small group travel.
- RydeXL:
- Description: A ride-hailing service for larger groups, accommodating up to 6 passengers.
- Revenue Contribution: Part of the Mobility segment (64.66% of total revenue).
- Key Features: Suitable for families or groups requiring more space.
- RydeLUXE:
- Description: A premium ride-hailing service offering luxury vehicles for a high-end travel experience.
- Revenue Contribution: Part of the Mobility segment (64.66% of total revenue).
- Key Features: Enhanced comfort and style for discerning customers.
- RydeFLASH:
- Description: A priority ride-hailing service for faster pickups and delivery.
- Revenue Contribution: Part of the Mobility segment (64.66% of total revenue).
- Key Features: Expedited service for time-sensitive travel needs.
- RydePET:
- Description: A pet-friendly ride-hailing service launched in February 2018, catering to pet owners.
- Revenue Contribution: Part of the Mobility segment (64.66% of total revenue).
- Key Features: Allows pets to travel with their owners, addressing a niche market need.
- RydeTAXI:
- Description: A service integrating taxi bookings from various taxi companies, with fees aligned to the respective company’s pricing.
- Revenue Contribution: Part of the Mobility segment (64.66% of total revenue).
- Key Features: Expands service reach through partnerships with taxi operators.
Quick Commerce Services
- RydeSEND:
- Description: A package delivery booking service allowing consumers to arrange instant deliveries for various package sizes.
- Revenue Contribution: 2.47% of total revenue (S$221,000).
- Key Features:
- User-friendly interface for booking, package details, and payment options.
- In-transit tracking for real-time updates.
- Supports both individual and business delivery needs.
Other Services
- RydePay:
- Description: A digital payment solution allowing users to pay or top up with cards and use RydeCoins for transactions.
- Revenue Contribution: Included in Membership revenue (6.42% of total revenue).
- Key Features:
- Supports online and offline electronic payments.
- Offers top-up bonuses to incentivize consumer engagement.
- Potential for future enhancements to expand payment capabilities.
- Business Expense Management:
- Description: A service for business users to track expenses, consolidate ride receipts, and generate monthly statements.
- Revenue Contribution: Included in Membership revenue (6.42% of total revenue).
- Key Features:
- Simplifies expense claims for corporate clients.
- Accessible via work email sign-up and app integration.
- Advertising Initiatives:
- Description: Advertising services provided to merchants, recognized when services are delivered.
- Revenue Contribution: 25.47% of total revenue (S$2,280,000).
- Key Features:
- Leverages Ryde’s platform to promote merchant services.
- Enhances brand visibility and consumer reach.
Revenue Breakup by Service (2024):
| Service | Revenue (S$’000) | Revenue (US$’000) | Percentage of Total Revenue |
|---|---|---|---|
| RydeX | Part of 5,787 | Part of 4,236 | Part of 64.66% |
| RydeXL | Part of 5,787 | Part of 4,236 | Part of 64.66% |
| RydeLUXE | Part of 5,787 | Part of 4,236 | Part of 64.66% |
| RydeFLASH | Part of 5,787 | Part of 4,236 | Part of 64.66% |
| RydePET | Part of 5,787 | Part of 4,236 | Part of 64.66% |
| RydeTAXI | Part of 5,787 | Part of 4,236 | Part of 64.66% |
| RydeSEND | 221 | 162 | 2.47% |
| RydePay | Part of 575 | Part of 421 | Part of 6.42% |
| Business Expense Mgmt. | Part of 575 | Part of 421 | Part of 6.42% |
| Advertising Initiatives | 2,280 | 1,669 | 25.47% |
| Total | 8,950 | 6,551 | 100.00% |
Company History
Ryde Group Ltd has a dynamic history marked by strategic growth and innovation since its inception. Below is a comprehensive timeline of key milestones:
- 2014: Ryde Group’s journey began with the founding of its operational entity, Ryde Technologies Pte. Ltd., in Singapore. The company launched its initial ride-hailing services, focusing on connecting riders with driver partners through a mobile app.
- 2018:
- February: Launched RydePET, a pet-friendly travel option, addressing a gap in the market for pet owners needing transportation.
- March: Following Grab’s acquisition of Uber’s Southeast Asia operations, including Singapore, Ryde capitalized on Uber’s exit to expand its market presence.
- 2022: Continued to grow its service offerings, introducing advanced booking and multi-stop options. Revenue from the Mobility segment reached S$6,510,000, reflecting strong market demand.
- 2023:
- February 21: Ryde Group Ltd was incorporated in the Cayman Islands as an investment holding company to streamline its corporate structure.
- September: Adopted the Insider Trading and Confidentiality Policy, effective September 25, 2023, to align with public company governance standards.
- October: Adopted the Policy on Recoupment of Incentive Compensation, effective October 16, 2023, to comply with regulatory requirements.
- December: Revenue from Mobility decreased to S$3,866,000 due to competitive pressures, but Quick Commerce and Advertising Initiatives saw growth.
- 2024:
- February: Joanne Khoo joined the board of directors, bringing nearly 30 years of investment banking and corporate finance experience.
- March: Completed its initial public offering (IPO) on the NYSE American under the ticker symbol “RYDE.”
- June: Achieved secondary listings on the Frankfurt and Stuttgart Stock Exchanges under the symbol “DOS.”
- September: Completed a second public offering, raising additional capital to support expansion and technology development.
- December: Revenue increased to S$8,950,000, driven by a rebound in Mobility (S$5,787,000) and growth in Advertising Initiatives (S$2,280,000).
Throughout its history, Ryde Group has focused on technological innovation, strategic partnerships, and market expansion. The company received a significant investment of US$2.5 million from a venture capital firm to bolster its technology infrastructure, supporting its growth trajectory.
Brand Details
Ryde Group operates under the “Ryde” brand, which is a household name in Singapore, synonymous with reliable mobility and quick commerce services. The brand is central to the company’s identity and is leveraged across all service offerings. Below is a detailed breakdown of the brand and its associated services:
- Ryde Brand:
- Overview: The “Ryde” brand represents innovation, reliability, and customer-centricity in Singapore’s mobility and quick commerce markets. It is recognized for its user-friendly mobile app and diverse service offerings.
- Revenue Contribution (2024): The Ryde brand encompasses all services, contributing to the total revenue of S$8,950,000.
- Key Attributes:
- Strong brand recognition in Singapore.
- Associated with safety, convenience, and technological innovation.
- Supported by a robust marketing strategy, including advertising initiatives.
Service-Specific Branding:
- RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeTAXI:
- Revenue Contribution: Collectively contribute to the Mobility segment (64.66% of total revenue).
- Details: Each service operates under the Ryde brand but targets specific customer segments, enhancing brand versatility.
- RydeSEND:
- Revenue Contribution: 2.47% of total revenue.
- Details: Branded as a quick and reliable delivery solution, reinforcing Ryde’s commitment to convenience.
- RydePay:
- Revenue Contribution: Part of Membership revenue (6.42% of total revenue).
- Details: Positioned as a seamless payment solution, enhancing the Ryde brand’s ecosystem.
- Advertising Initiatives:
- Revenue Contribution: 25.47% of total revenue.
- Details: Leverages the Ryde brand’s platform to offer advertising opportunities, strengthening brand partnerships.
Revenue Breakup by Brand/Service (2024):
| Brand/Service | Revenue (S$’000) | Revenue (US$’000) | Percentage of Total Revenue |
|---|---|---|---|
| Ryde (Mobility) | 5,787 | 4,236 | 64.66% |
| RydeSEND (Quick Commerce) | 221 | 162 | 2.47% |
| RydePay (Membership) | 575 | 421 | 6.42% |
| Advertising Initiatives | 2,280 | 1,669 | 25.47% |
| Total | 8,950 | 6,551 | 100.00% |
Geographical Presence
Ryde Group currently operates exclusively in Singapore, deriving 100% of its revenue from this market. The company has plans to expand into other countries, but as of December 31, 2024, all operations are concentrated in Singapore.
- Singapore:
- Overview: Singapore is Ryde Group’s primary market, where it offers its full range of mobility and quick commerce services. The company benefits from Singapore’s urban density and high demand for on-demand transportation and delivery.
- Revenue Contribution (2024): S$8,950,000 (US$6,551,000), 100% of total revenue.
- Key Features:
- Strong market presence with a well-recognized brand.
- Regulatory compliance with the Road Traffic Act 1961 and Payment Services Act.
- Seasonal fluctuations due to events like Chinese New Year, Ramadan, and the rainy season.
- Future Expansion Plans:
- Ryde Group has expressed intentions to expand into other countries, which will involve adapting to new regulatory environments, market dynamics, and consumer preferences. Potential risks include currency fluctuations, geopolitical instability, and competition in new markets.
Revenue Breakup by Geography (2024):
| Geography | Revenue (S$’000) | Revenue (US$’000) | Percentage of Total Revenue |
|---|---|---|---|
| Singapore | 8,950 | 6,551 | 100.00% |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Ryde Group Ltd operates through several subsidiaries, with no associates or joint ventures explicitly mentioned. Below is a comprehensive list of subsidiaries as of December 31, 2024, with details on ownership and operations.
- Ryde Group (BVI) Ltd:
- Jurisdiction: British Virgin Islands
- Ownership: 100% (Wholly-Owned Subsidiary)
- Details: An investment holding company with no substantial operations, used to streamline Ryde Group’s corporate structure.
- Revenue Contribution: 0% (Holding company, no direct revenue).
- RGT (BVI) Ltd:
- Jurisdiction: British Virgin Islands
- Ownership: 100% (Wholly-Owned Subsidiary)
- Details: Another holding entity, supporting the group’s international structure.
- Revenue Contribution: 0% (Holding company, no direct revenue).
- Ryde Technologies Pte. Ltd.:
- Jurisdiction: Singapore
- Ownership: 100% (Wholly-Owned Subsidiary)
- Details: The primary operating entity, responsible for the Ryde platform’s mobility and quick commerce services in Singapore. It handles all revenue-generating activities.
- Revenue Contribution: 100% (S$8,950,000 in 2024).
Revenue Breakup by Subsidiary (2024):
| Subsidiary | Revenue (S$’000) | Revenue (US$’000) | Percentage of Total Revenue |
|---|---|---|---|
| Ryde Group (BVI) Ltd | 0 | 0 | 0% |
| RGT (BVI) Ltd | 0 | 0 | 0% |
| Ryde Technologies Pte. Ltd. | 8,950 | 6,551 | 100% |
| Total | 8,950 | 6,551 | 100.00% |
Physical Properties
Ryde Group Ltd operates primarily through a digital platform and does not own extensive physical properties. The company’s physical presence is limited to its office facilities in Singapore.
- Registered Office:
- Location: Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman KY1-1002, Cayman Islands.
- Details: Serves as the corporate registered office, used for legal and administrative purposes. No operational activities occur here.
- Revenue Contribution: 0% (Administrative function).
- Operational Office:
- Location: Singapore (specific address not disclosed in the document).
- Details: The company leases office space in Singapore to support its technology and administrative operations. The lease agreement, as of December 31, 2024, includes:
- Minimum Lease Payments:
- 2025: S$81,000
- 2026: S$60,000
- Total: S$141,000 (Present value: S$135,000 after interest adjustment)
- Weighted Average Discount Rate: Not specified.
- Weighted Average Remaining Lease Term: Approximately 2 years.
- The lease does not contain material residual value guarantees or restrictive covenants. The company anticipates renewing the lease but is prepared to relocate if necessary, with no foreseen issues due to Singapore’s availability of similar facilities.
- Minimum Lease Payments:
- Revenue Contribution: 0% (Supports operations but does not directly generate revenue).
List of Physical Properties:
| Property Type | Location | Details |
|---|---|---|
| Registered Office | Grand Cayman, Cayman Islands | Administrative office for legal purposes, no operational activities. |
| Operational Office | Singapore | Leased office space for technology and administrative operations. |
Founders Details
- Terence Zou (Zou Junming):
- Age: 51
- Position: Founder, Chairman of the Board, and Chief Executive Officer
- Details:
- Founded Ryde Group with a vision to revolutionize mobility and quick commerce in Singapore.
- Holds a Bachelor of Business Administration degree (major in Banking and Finance) and a Bachelor of Engineering degree (Electrical and Electronics Engineering) from the National University of Singapore.
- Also holds the Chartered Financial Analyst designation, bringing financial acumen to the company’s strategy.
- Beneficially owns all issued and outstanding Class B Ordinary Shares, representing approximately 88.7% of the company’s aggregate voting power as of December 31, 2024.
- Drives the company’s strategic direction, focusing on technological innovation and market expansion.
Board of Directors
Ryde Group’s board consists of five directors, three of whom are independent. Below is a detailed list of each director:
- Terence Zou:
- Age: 51
- Position: Founder, Chairman, and Chief Executive Officer
- Details: As the founder, Zou leads the board and oversees strategic initiatives. His dual degrees in business and engineering, along with his CFA designation, provide a strong foundation for leadership.
- Joanne Khoo (Khoo Su Nee):
- Age: Not specified
- Position: Director (Independent)
- Details:
- Joined the board in February 2024.
- Nearly 30 years of experience in investment banking, corporate finance, capital markets, and business advisory services.
- Began her career at PricewaterhouseCoopers in January 1995, gaining expertise in financial advisory.
- Kelvin Lee Soon Sze:
- Age: Not specified
- Position: Director (Independent), Chair of the Compensation Committee
- Details:
- Serves on the audit and compensation committees, ensuring robust governance.
- Brings expertise in financial oversight and executive compensation strategies.
- Venkata Subramanian Sreenivasan:
- Age: Not specified
- Position: Director (Independent)
- Details:
- Member of the audit and compensation committees.
- Contributes to governance and risk management with a focus on regulatory compliance.
- Lang Chen Fei:
- Age: Not specified
- Position: Director, Chief Financial Officer
- Details:
- Oversees financial strategy and reporting.
- Ensures compliance with financial regulations and supports capital-raising efforts.
Board Diversity Matrix (As of December 31, 2024):
| Metric | Details |
|---|---|
| Country of Principal Executive Office | Singapore |
| Foreign Private Issuer | Yes |
| Number of Directors | 5 |
| Independent Directors | 3 (Khoo, Lee, Sreenivasan) |
Shareholding Details
Ryde Group Ltd has two classes of ordinary shares: Class A and Class B. Class A Ordinary Shares carry one vote per share, while Class B Ordinary Shares carry 10 votes per share, providing significant control to Class B shareholders.
- Major Shareholders:
- Terence Zou: Beneficially owns all issued and outstanding Class B Ordinary Shares, constituting approximately 17.7% of total share capital and 88.7% of aggregate voting power.
- Octava Fund Limited: Also holds Class B Ordinary Shares, contributing to the concentrated voting power.
- Share Structure:
- Class A Ordinary Shares: Listed on NYSE American under “RYDE” and on Frankfurt/Stuttgart under “DOS.” Subject to potential volatility and dilution from Class B conversions.
- Class B Ordinary Shares: Convertible into Class A Ordinary Shares, which would dilute existing Class A shareholders’ ownership within their class.
- Total Shares Outstanding (as of December 31, 2024): Not fully specified, but Class B shares significantly influence voting power.
- Voting Power:
- Class B shareholders, particularly Terence Zou, hold disproportionate control due to the 10:1 voting ratio.
- Conversion of Class B to Class A shares could impact share price and ownership dynamics.
Investment Details
- Venture Capital Investment:
- Amount: US$2.5 million
- Details: Received from a venture capital company to support the development of Ryde’s technology infrastructure. This investment facilitated enhancements to the mobile app and platform scalability.
- Revenue Contribution: 0% (Investment, not a revenue-generating asset).
- No Passive Investments:
- The document does not mention any passive investments in other entities, such as stocks, bonds, or minority stakes in unrelated companies.
List of Investments:
| Investment Type | Amount (US$) | Details |
|---|---|---|
| Venture Capital Funding | 2,500,000 | Technology infrastructure development |
Future Investment Plan
Ryde Group Ltd has outlined plans to invest in its business to drive growth and achieve its vision of becoming a super mobility app. Key areas of future investment include:
- Expansion of Service Offerings:
- Enhance Mobility and Quick Commerce offerings with new features and service tiers.
- Potential expansion of RydePay to include additional electronic payment options.
- Geographical Expansion:
- Plans to enter new international markets, requiring investments in market research, regulatory compliance, and localized technology solutions.
- Addressing challenges such as currency risks, regulatory differences, and competitive landscapes.
- Technology Infrastructure:
- Continued investment in the mobile app and platform to improve interoperability, security, and user experience.
- Leveraging telematics and data analytics to enhance safety and operational efficiency.
- Driver Partner and Consumer Incentives:
- Allocate funds to maintain competitive incentives for driver partners to ensure supply meets demand.
- Offer consumer promotions to drive engagement and loyalty, such as Ryde+ membership bonuses.
- Strategic Partnerships and Acquisitions:
- Pursue partnerships with financial institutions, insurance companies, and other technology providers to enhance service offerings.
- Evaluate acquisition opportunities to expand market share or acquire complementary technologies.
- Capital Expenditure:
- Invest in office facilities and IT infrastructure to support operational growth.
- Potential relocation or expansion of office space in Singapore if the current lease is not renewed.
These investment plans are subject to risks, including the company’s ability to raise sufficient capital, manage growth effectively, and navigate competitive and regulatory challenges. The company believes its existing cash, proceeds from public offerings, and operational cash flows will support these initiatives in the near term.
