March 15, 2021

Ryde has appointed SAC Capital as its financial adviser to lead preparations ahead of a planned IPO on the Singapore Exchange (SGX). Ryde’s IPO is slated for 2022, where the company is targeting a S$200 million valuation through a listing on Catalist. In a significant move to symbolise Ryde’s ambition to give back to drivers, part of the IPO could include plans for its top drivers to receive bonuses and shares upon the completion of its IPO.

Ryde achieved record growth in revenues and turned profitable in Q4 2020. The company has seen over 30 per cent year-on-year growth of users on its platform during this time, underscoring a shift in consumer sentiments and preferences for an alternative ride-hailing option in Singapore. Ryde presently counts over 10,000 monthly active drivers in their network; it sees continuous growth in drivers and passenger sign-ups as more users seek alternatives to incumbents.

To date, Ryde has facilitated over 16 million bookings, and its app has been downloaded close to 700,000 times. The company is targeting to hit S$120m of Gross Transaction Value (GTV) from both ride-hailing and delivery verticals in 2021. The company is looking to grow its quick commerce vertical, RydeSEND, on the back of increased demand for delivery post-pandemic. The service can be used by corporates, restaurants, home businesses, and individuals for on-demand delivery services. Ryde plans to expand this vertical to include “same day” delivery for more competitive pricing. 

SAC Capital has since seen over 40 IPOs and has raised around S$1.5 billion from IPO proceeds since it was founded in 2004. Its CEO Ong Hwee Li has helped establish financial systems and controls for numerous successful companies to prepare for public listings in Singapore. “We are excited to be part of this journey to support Ryde, an inspiring home-grown technology innovator, in bringing the company to the next stage of growth. It is heartening to see that Ryde has chosen to list in its home country, and the Catalist is a perfect platform for fast-growing local companies like Ryde. We have confidence in the management and Terence’s leadership, and we look forward to guiding the company on the right path to a successful IPO,” said Mr Ong.

“We aim to be the first profitable ride-hailing technology company to list on the SGX. We have engaged SAC in this exercise in view of their expertise in the Singapore markets,” said Terence Zou, founder and CEO of Ryde. “We look forward to accessing the capital markets to fund our expansion. An IPO listing will allow retail investors and our loyal users the opportunity to participate in our exciting journey of growth to be the premier mobility player in Singapore.”

Ryde serves as a better alternative to both drivers and riders. Riders pay cheaper fares while drivers take home more earnings with low commission rates of 10 per cent. Ryde delivers a comprehensive suite of mobility services. Riders can carpool and have access to both private-hire and taxi services. There is also RydePET, a pet-friendly option for people to travel with their pets. If someone needs to hire a driver for a couple of hours, they also have that option with RydeHIRE—a disposal service.  

Ryde has proven to be an innovative leader in the highly competitive ride-hailing industry. Ryde was the first in Singapore to introduce a point to point parcel delivery service (RydeSEND) where you can send a package to anyone in 50 minutes. This is the fastest service available in Singapore at present. The platform even allows users the option to pay using BITCOIN. Ryde for Business will be launched shortly, and this feature will allow businesses and individuals to manage their travel expenses easily.

Ryde strongly believes in being involved in the local community and supporting its drivers and their families. In recognition of the drivers who spend most of their time away from their loved ones to serve our local community, Ryde offers the Ryde Study Awards that give financial awards to their driver’s children who have done exceptionally well in school.

“A significant portion of the IPO proceeds will be invested in technology, product development and enhancing our operations. We intend to recruit 100 more staff in engineering, design, operations and digital marketing over the next three years to enhance our capabilities. We will continue to innovate with technology to bring new features to our users.” added Zou.