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Ryde Group Ltd. (symbol: RYDE) is revolutionizing the mobility sector with its comprehensive super mobility app designed to offer ultimate convenience and reliability. The company operates across two main segments: mobility and quick commerce.
In the mobility segment, Ryde Group provides an array of services including on-demand and scheduled carpooling, as well as ride-hailing services. The app seamlessly matches riders with driver partners, ensuring an efficient and user-friendly experience. Whether you need a quick lift or a planned trip, Ryde Group's mobility solutions cater to diverse customer needs.
In addition to its mobility services, Ryde Group is making significant strides in the quick commerce segment. The company offers on-demand, scheduled, and multi-stop parcel delivery services, catering to the increasing demand for fast and reliable delivery options. By leveraging its robust network and advanced technology, Ryde Group ensures parcels are delivered swiftly and securely.
Recent achievements highlight Ryde Group's upward trajectory. The company has successfully expanded its service offerings, forged strategic partnerships, and consistently enhanced its app features to improve user experience. Financially, Ryde Group has demonstrated solid performance, reflecting its growing market presence and operational efficiency.
Current projects include the continuous development of the app to incorporate more features, improving user interface, and expanding service coverage areas. Ryde Group is committed to maintaining its leadership in the mobility and quick commerce sectors through innovation and customer-centric solutions.
Ryde Group's super mobility app stands out in the market for its integration of multiple mobility tools into a single, seamless platform. This comprehensive approach not only provides users with a multitude of options but also simplifies their transportation and delivery needs through one convenient app.
As the company continues to grow and adapt to market demands, stakeholders and potential investors can expect Ryde Group to play a significant role in the future of mobility and quick commerce, driven by its commitment to excellence and innovation.
Ryde Group (NYSE American: RYDE) has launched its Supersized Cashback Christmas Challenge, offering enhanced benefits to Ryde+ subscription members. The campaign features 100% cashback offerings across 4 weeks in December, including RydeCoins and Credit Cards options.
Ryde+ subscription service provides members with 3% cashback on every trip, priority ride-matching during peak hours, and exclusive lifestyle perks across F&B, retail, and lifestyle partners. The initiative aims to strengthen rider loyalty and demonstrate the scalability of Ryde's subscription-based revenue model in Singapore's ride-hailing market.
Ryde Group (NYSE: RYDE) has successfully completed its annual #MakanWithRyde initiative, demonstrating its commitment to driver-partners and local businesses in Singapore. The event provided over 1,000 driver-partners with specially prepared Nasi Lemak packets from Dahlia Cafe through a drive-by pick-up point on Victoria Street.
The initiative aligns with Ryde's 7 Driver Commitments, focusing on Active Engagement and community building. Driver-partners shared positive feedback, with Mr. Yeo and Mr. Quek expressing gratitude for Ryde's recognition and support. CEO Terence Zou emphasized the importance of driver-partners as the platform's foundation. The program supports UN Sustainable Development Goals 11 and 8, promoting community bonds and economic growth.
Ryde Group (NYSE American: RYDE) has extended its partnership with Singlife to implement a Work Injury Compensation Act (WICA) Protection Plan for platform workers, effective January 1, 2025. The plan provides comprehensive coverage including lump sum compensation for permanent incapacity or death, medical leave wages, and medical expenses related to work accidents. This initiative complements Ryde's existing driver-first approach, which includes 0% driver commissions, 7 driver commitments, and a 1-day leave scheme. The partnership aims to enhance financial security and protection for driver-partners while on the road.
Ryde Group (NYSE American: RYDE) has announced the expansion of its mobility services to international travelers in Singapore. The company's app now offers tourists a seamless ride-hailing experience with features including real-time tracking and multiple payment options. James Tan, Director of Product, emphasized that this strategic move aims to capture revenue potential in Singapore's tourism sector while positioning Ryde as the preferred transportation choice for visitors. The app is available for download on both App Store and Google Play Store.
Ryde Group (NYSE: RYDE) reported financial results for 1H 2024, showing revenue of S$4.4 million (US$3.2 million), down from S$5.2 million in 1H 2023. The decline followed the implementation of a 0% commission model in January 2024. Despite lower revenue, adjusted EBITDA improved by 20%, with deficit narrowing to S$1.6 million. Key milestones include NYSE American listing in March 2024, AI-powered app redesign in May, dual listing on Frankfurt and Stuttgart exchanges in June, and a healthcare partnership with a Singapore telehealth provider.
Ryde Group (NYSE American: RYDE) has launched the Ryde Educational Merit Awards 2024 (REMA 2024), continuing its social initiative to support the educational aspirations of its driver-partners' children. The program, which began in 2020 during the pandemic, offers financial and social resources to empower future generations.
REMA 2024 aims to encourage high achievement, promote equal opportunities, and support Ryde driver-partners. Award recipients will receive up to SGD 2,000 in cash, SGD 500 in Book Vouchers, a free 1-year Ryde Transport Pass, a MacBook and an AirPods Pro. The initiative aligns with UN Sustainable Development Goals of providing quality education and reducing inequalities.
Previous recipients and their families have expressed gratitude for the program's impact on their educational journey. Ryde's CEO, Terence Zou, emphasized the company's long-term commitment to supporting driver-partners' children and helping them reach their fullest potential.
Ryde Group (NYSE American: RYDE), a leading technology platform for mobility and quick commerce based in Singapore, has announced the closing of a $4.5 million public offering on September 27, 2024. The offering consisted of 5,300,000 units, each comprising one Class A Ordinary Share and one common warrant to purchase an additional Class A Ordinary Share. The warrants have an exercise price of $0.85 per share, are immediately exercisable, and will expire in five years.
Maxim Group acted as the sole placement agent for this offering. The securities were offered through a registration statement on Form F-1 (File No. 333-282076), which was declared effective by the SEC on September 25, 2024. The final prospectus was filed with the SEC on September 27, 2024.
Ryde Group (NYSE American: RYDE), a leading technology platform for mobility and quick commerce based in Singapore, has announced the pricing of a public offering. The offering consists of 5,300,000 units, each comprising one Class A Ordinary Share and one warrant exercisable into one Ordinary Share. The units are priced at $0.85 each, aiming to raise gross proceeds of approximately $4.5 million.
The warrants will be immediately exercisable at an exercise price of $0.85 and will expire five years from the date of issuance. Maxim Group is acting as the sole placement agent for the offering, which is expected to close on September 27, 2024, subject to customary closing conditions. A registration statement on Form F-1 related to the offering has been filed with the SEC and was declared effective on September 25, 2024.
Ryde Group (NYSE American: RYDE), a leading technology platform for mobility and quick commerce, has addressed recent share price volatility, stating that the company is unaware of any operational developments or material events causing the fluctuations. CEO Terence Zou reaffirmed the company's strong fundamentals and commitment to sustainable growth, highlighting key developments since their NYSE listing in March 2024:
1. AI-powered app redesign in May 2024
2. Dual listing on Frankfurt and Stuttgart Stock Exchanges in June 2024
3. Healthcare partnership with a telehealth provider in June 2024
4. Launch of Ryde Empowers initiative in July 2024
5. Strategic partnership with Singlife financial services in August 2024
The company emphasized that key management and shareholders have not divested any shares, demonstrating confidence in Ryde's future prospects and growth strategy.
Ryde Group (NYSE American: RYDE) has announced a strategic partnership with Singlife, a Singaporean financial services company, to enhance ride-sharing safety and protection. The collaboration introduces RydeSafe, offering complimentary coverage until September 30, 2024, including:
- S$15,000 payout for death in road accidents
- Up to S$15,000 for total and permanent disabilities
- Up to S$1,000 for accident-related injuries
- S$20 in RydeCoins for emergency assistance
This partnership aims to create innovative products combining mobility and financial services, providing a seamless experience for users. Terence Zou, CEO of Ryde, emphasized the partnership's alignment with their goal of prioritizing user protection and safety.
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