S’pore Ride-Hailing Startup Ryde Plans To IPO On SGX In 2022
Singaporean start-up Ryde announced today (March 8) that it has appointed SAC Capital as its financial advisor to lead preparations for a planned initial public offering (IPO) on the Singapore Stock Exchange (SGX). ‘next year.
According to the company, it is “aiming for a valuation of S $ 200 million” through a listing on Catalist, SGX’s sponsor-overseen listing platform for fast-growing local businesses.
“A significant portion of the proceeds from the IPO will be invested in technology, product development and improving our operations,” said Terence Zou, Founder and CEO of Ryde.
“We plan to recruit an additional 100 people 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. “
Part of the IPO also includes plans for its main drivers to receive bonuses and shares upon completion of the IPO. It currently has more than 10,000 active drivers per month in its network.
Zou added that Ryde aims to be “SGX’s first profitable transportation technology company”.
Plans to increase S’pore’s market share by 2023
Ryde recently turned profitable in the fourth quarter of 2020 after seeing record revenue growth.
Its gross transaction value (GTV) quadrupled during the Covid-19 pandemic, and it also saw more than 30% annual growth in users of its platform during that time.
This year, Ryde aims to achieve GTV’s $ 120 million in both its transportation and delivery verticals.
In addition, it is looking to expand its RydeSEND rapid trade vertical network following the increased demand for delivery after the pandemic.
Ryde was actually the first in Singapore to introduce this point-to-point parcel delivery service, where you can send a parcel to anyone within 50 minutes. This is the fastest service currently available in Singapore.
The service can be used by businesses, restaurants, home businesses and individuals for on-demand delivery services. Ryde plans to expand this vertical to include same day delivery for more competitive prices.
Going forward, Ryde also aims to capture 30% of the Singapore rideshare market by 2023.
Ryde offers a full range of mobility services. Passengers can carpool and have access to private hire and taxi services, in addition to pet-friendly transportation options and a driver hire service for a few hours.
Ryde is also planning to launch a Ryde for Business feature in the near future, which makes it easy for businesses and individuals to manage their travel expenses.
To date, the company has facilitated over 16 million reservations and its app has been downloaded almost 700,000 times.
Featured Image Credit: Ryde
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