Ryde Marks a Transformative Milestone in Singapore's Mobility Landscape

Rhea-AI Summary

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.

Positive

• Secured 3-year renewal for ride-hail and carpool service operator licenses
• 0% commission policy for drivers enhancing driver earnings
• Subscription model Ryde+ generates recurring revenue through membership fees

Negative

• None.

SINGAPORE, SG / ACCESSWIRE / December 26, 2024 / Ryde Group Ltd (NYSE American:RYDE) ("Ryde" or the "Company"), a technology company with a leading platform for mobility and quick commerce in Singapore, is proud to announce that Ryde's licence has been renewed for 3 years under full ride-hail service operator license and carpool service operator license, reflecting its dedication to delivering exceptional and sustainable mobility solutions for Singapore.

Empowering Driver-Partners and Enhancing Rider-Experiences

Since its inception in 2014, Ryde has positioned itself as both a driver-first and rider-friendly platform, focused on empowering driver-partners and uplifting communities while enhancing commuter experiences.

For drivers, Ryde's innovative initiatives, such as its 0% commission policy, 7 driver commitments, and 1-day leave scheme, ensures higher earnings and a healthier work-life balance. These initiatives directly support thousands of livelihoods, providing meaningful opportunities for driver-partners.

For riders, Ryde continues to improve its app with an enhanced user interface, seamless booking experiences, and AI-driven personalized trip recommendations. By leveraging advanced algorithms, the platform ensures faster ride-matching, shorter waiting times, and a more intuitive navigation experience.

Additionally, Ryde+ - Singapore's leading subscription model in ride-hailing - offers riders tangible savings through cashback rewards, faster bookings, and exclusive perks. This service addresses the evolving needs of riders, ensuring affordability and strengthening rider loyalty.

Advancing Sustainability and Green Mobility

Aligned with Singapore's broader sustainability goals, Ryde remains committed to reducing carbon emissions and traffic congestion. By spearheading initiatives such as the introduction of more electric vehicle (EV) fleets, Ryde is contributing to the development of a smarter, greener urban ecosystem. These efforts are part of Ryde's long-term vision of supporting sustainable urban mobility in Singapore.

Harnessing Innovation for Seamless Experiences

As Singapore's transportation landscape evolves, Ryde leverages technology and AI-driven algorithms to create a more seamless commuting experience. By maintaining affordable and transparent fare structures, the company ensures inclusivity while fostering healthy competition in the industry.

Subashini Thanakodi, Associate Director of Operations shared, "We are deeply honored to have achieved this milestone, which reflects Ryde's commitment to creating sustainable and inclusive mobility solutions for everyone. As we look ahead, we will remain focused on empowering our driver-partners, supporting our communities, and building a smarter, greener transportation ecosystem."

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 accesswire.com

FAQ

What licenses did Ryde (RYDE) receive in December 2024?

Ryde received a 3-year renewal for both its full ride-hail service operator license and carpool service operator license in Singapore.

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

Ryde maintains a 0% commission policy for drivers, along with 7 driver commitments and a 1-day leave scheme to ensure higher earnings and better work-life balance.

What is Ryde+ and what benefits does it offer?

Ryde+ is Singapore's leading subscription model in ride-hailing that offers riders cashback rewards, faster bookings, and exclusive perks.

How is Ryde (RYDE) contributing to sustainability in Singapore?

Ryde is contributing to sustainability through initiatives such as introducing more electric vehicle (EV) fleets and focusing on reducing carbon emissions and traffic congestion.