Singapore, March 6, 2024 – Singapore ride-hailing and carpooling company, Ryde, announced today that it has listed on the NYSE American under the ticker symbol “RYDE”. Making history as the first Singapore ride-hailing startup to undergo an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE), this milestone showcases Ryde’s pioneering strides in the ride-hailing sector, rooted in its homegrown values and commitment to sustainability.
Terence Zou, Founder and CEO of Ryde expressed, “Being the first Singapore ride-hailing startup to list our shares on NYSE through an IPO is a historic achievement for Ryde. This significant milestone fuels our optimism as we embark on a journey to redefine carpooling, ride-hailing, and quick commerce.”
Not only breaking new ground as the first Singapore ride-hailing startup to IPO on NYSE, Ryde also proudly stands as the world’s first real-time carpooling app, dedicated to sustainable transportation solutions since 2014. Ryde’s mission is to leverage technology to revolutionize how people and goods move from point to point. The platform provides on-demand and scheduled carpooling and ride-hailing services, as well as on-demand, scheduled, and multi-stop parcel delivery services.
Ryde strives to continuously incentivize its community to maintain high ratings and leave every ride experience better than the last. By implementing various tools like reviews and rating systems, Ryde has created a safe working environment for its drivers, and riders are assured of high standards of service and safety.
“We have faced challenges and hurdles that have tested our determination and resolve. But what has kept us going is the understanding of the impact that we have on people’s lives. It’s about our drivers who find a new source of livelihood, and our riders who enjoy the convenience and efficiency of our services.” Terence added.
On January 2, 2024, Ryde also introduced a 0% Commission for all its private-hire and taxi drivers in 2024. This decisive move underlines its commitment to supporting the driver community and building a fairer platform for both drivers and riders. “As we introduce 0% driver commissions in 2024, our commitment is straightforward — to empower our drivers with every journey,” states Terence. “Removing driver commissions means more earnings for them, demonstrating our direct investment in the driver community.”
Leveraging the proceeds from the IPO will strengthen Ryde’s competitive position, propelling growth as the company ventures into new markets and invests in technological improvements. Terence Zou commented, “The use of proceeds from our initial public offering will play a pivotal role in the expansion of Ryde’s services globally and disrupting the incumbents in the industry.”
