RYDE GROUP LTD Stock Price, News & Analysis

Ryde Group (NYSE American:RYDE) has announced a successful partnership with Delivery Chinatown in Singapore, focusing on enhancing the local delivery ecosystem. The collaboration has created new opportunities for Ryde's driver-partners through consistent delivery jobs and increased earning potential via efficient route optimization.

The partnership aims to connect traditional F&B merchants in Chinatown with modern logistics solutions, leveraging Ryde's proprietary AI algorithms to optimize delivery routes and improve turnaround times. Driver-partners can now fulfill orders from multiple platforms, maintaining steady income streams.

According to Ryde's CTO Nitin Dolli, the partnership demonstrates how technology can strengthen local ecosystems while delivering value to businesses and consumers. Delivery Chinatown's CTO Gao Shan emphasized how the collaboration helps preserve Chinatown's food heritage while enabling merchants to thrive in the digital economy.

Ryde Group (NYSE:RYDE) announces expansion of its RydeGreen Program, targeting 1,200 additional EVs by 2027 in Singapore. The company partners with Singapore Electric Vehicles (SEV) to provide affordable EV leasing solutions to driver-partners. The initiative includes a $1 million green bonus commitment for drivers and aims to support Singapore's Green Plan 2030.

The phased rollout targets 600 EVs by 2025 and 900 EVs by 2026. SEV's collaboration includes plans to install 250 charging stations across Singapore by 2030. The program leverages AI-powered routing algorithms to optimize routes and minimize carbon emissions while aiming to increase revenue through EV trip bookings.

Ryde Group (NYSE American:RYDE) has secured a 3-year renewal for both its full ride-hail service operator license and carpool service operator license in Singapore. The company, established in 2014, maintains a 0% commission policy for drivers, along with 7 driver commitments and a 1-day leave scheme to ensure better earnings and work-life balance.

The company has enhanced its app with improved UI, AI-driven personalized trip recommendations, and faster ride-matching capabilities. Ryde+, their subscription-based service, offers cashback rewards and exclusive perks. The company is advancing sustainability initiatives through increased EV fleet adoption and maintains a focus on affordable, transparent fare structures.

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.