Ryde Hosts Annual CNY Lunch, Honoring Top Driver-Partners and Strengthening Driver Engagement

Rhea-AI Summary

Ryde Group (NYSE American:RYDE) hosted its Annual CNY Lunch to celebrate its top six driver-partners and reinforce its commitment to driver engagement. The event highlighted the company's distinctive 0% commission model, which allows drivers to retain more of their earnings compared to other ride-hailing platforms.

The company reports that since implementing the 0% commission model, they have experienced higher driver earnings, improved retention rates, and enhanced service standards through a more engaged driver network. The event featured testimonials from long-term drivers like Eugene and Mr. Quek, who emphasized the value of community and support within Ryde.

The company continues to strengthen driver engagement through various initiatives including #MakanwithRyde, #RydeHongbao, and #AnnualCNYLunch as it expands its presence in Singapore.

Positive

• 0% commission model leads to higher driver earnings
• Improved driver retention rates
• Enhanced service standards through better driver engagement

Negative

• None.

SINGAPORE / ACCESS Newswire / February 13, 2025 / In a move to reaffirm its commitment to driver-partners, Ryde Group Ltd (NYSE American:RYDE) ("Ryde'' or the "Company"), a technology company with a leading platform for mobility and quick commerce in Singapore, hosted its Annual CNY Lunch, celebrating the dedication of its top six driver-partners. The event, held in the spirit of appreciation and community, also reinforced Ryde's industry-leading 0% commission model, which ensures that driver-partners take home more of their well-deserved earnings - a stance that sets it apart from other ride-hailing platforms.

Ryde's 0% Commission Model Continues to Drive Growth
At the core of Ryde's commitment to driver-partners is its 0% commission model, which enables drivers to maximize their earnings-a key differentiator in an industry where high commission fees often reduce driver take-home pay.

Since implementing this model, Ryde has seen:

A) Higher driver-partners earnings, improving overall job satisfaction.
B) Stronger driver-partner retention, ensuring consistency and reliability for riders.
C) A more engaged driver-partner network, leading to improved service standards.

Recognizing Top Driver-Partners in a Time of Prosperity
The Lunar New Year is a time of renewal, gratitude, and shared prosperity-values that Ryde seeks to uphold within its driver community. During the lunch, Ryde recognized its top six driver-partners, acknowledging their hard-work, commitment and contributions to the platform.

"Our driver-partners are at the heart of Ryde, and this Annual CNY lunch is our way of showing appreciation for their commitment and hard work on the road," said Terence Zou, Ryde's Founder, Chairman & CEO. "We want every driver-partner to feel heard, and the Annual CNY lunch allows us to engage more meaningfully with the key stakeholders who power our platform."

For driver-partners, the event was more than just a meal-it was a reminder that their efforts are valued. Eugene, a Ryde driver for over five years, shared: "Ryde has always made driver-partners feel included, and this event reinforces that. It's great to come together and celebrate as a community."

Fellow driver, Mr. Quek echoed the sentiment: "It's not just about the meal-it's about feeling valued. Ryde has always supported us, and I'm excited for what's ahead in 2025."

Looking Ahead: A Stronger Commitment to Driver-Partners in 2025
With initiatives like #MakanwithRyde, #RydeHongbao, #AnnualCNYLunch, Ryde continues to lead the way in driver engagement and support. As the company expands its market presence in Singapore, it remains dedicated to fairness, transparency, and long-term driver success.

For more updates on Ryde's driver-focused initiatives, visit www.rydesharing.com.

About Ryde Group Ltd
Ryde, a homegrown super mobility app founded in Singapore, is the world's FIRST on-demand carpooling app since 2014! As a publicly listed company on the NYSE, we are reimagining the way people and goods move around. We offer a full suite of services, including carpooling, private hire, taxi, and delivery, but what truly sets us apart is our commitment to empower our private-hire and taxi partners. We take 0% commission, ensuring that more of every hard-earned dollar goes to drivers on our platform. For more information, please visit https://rydesharing.com/ to learn more.

Contacts
For Media Relations:
Media Team
Ryde Group Ltd
Email: media@rydesharing.com

For Investor Relations:
Investor Relations Team
Ryde Group Ltd
Email: investor@rydesharing.com

FORWARD-LOOKING STATEMENTS
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors . Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Ryde Group

View the original press release on ACCESS Newswire

FAQ

What is Ryde's (RYDE) commission model for drivers?

Ryde operates a 0% commission model, allowing drivers to keep all their earnings, which distinguishes it from other ride-hailing platforms that charge commission fees.

How has Ryde's (RYDE) 0% commission model impacted driver performance?

The model has resulted in higher driver earnings, improved driver retention rates, and enhanced service standards through better driver engagement.

What driver engagement initiatives does Ryde (RYDE) currently offer?

Ryde offers several driver engagement initiatives including #MakanwithRyde, #RydeHongbao, and the Annual CNY Lunch celebration.

How does Ryde (RYDE) recognize its top-performing drivers?

Ryde recognizes its top-performing drivers through events like the Annual CNY Lunch, where they celebrated their top six driver-partners for their commitment and contributions.