March 8, 2021

Ryde targets $200m Catalist IPO in 2022; to add 100 staff

By ellen

SINGAPORE (THE BUSINESS TIMES) – Singapore-based ride-hailing platform Ryde is eyeing an initial public offering (IPO) on the Singapore Exchange’s Catalist board in 2022, with a targeted valuation of $200 million, the firm announced on Monday (March 8).

It also plans to recruit 100 more staff in engineering, design, operations and digital marketing over the next three years, chief executive Terence Zou said in a press statement.

Ryde has appointed SAC Capital as a financial adviser to lead IPO preparations. The start-up, which was founded in 2014, may hand out bonuses and shares to top drivers upon completion of the IPO.

Ryde was last valued at US$9.7 million (S$13 million) in a 2017 funding round, according to data from the entity Ryde Technologies, as reflected on VentureCap Insights. Its shareholders include Mr Zou, with a 37.6 per cent stake; Garena Ventures, a vehicle by Sea; and individual angel investors.

Ryde did not address a query on what its latest valuation is and declined to comment on the identities of its shareholders.

The firm plans to invest the IPO proceeds in technology, product development and enhancing operations, Mr Zou said.

Ryde claims to have broke even in Q4 last year, as gross transaction value (GTV)increased four times. Meanwhile, it said that its number of users have grown over 30 per cent year on year, and that it has over 10,000 monthly active drivers on its platform.

Ryde is also looking to grow its delivery vertical, RydeSEND, to include same-day delivery with more competitive pricing.

The firm has set a target to capture 30 per cent of the ride-hailing market in Singapore by 2023. It wants to hit $120 million of GTV from both ride-hailing and delivery verticals in 2021.

“We look forward to accessing the capital markets to fund our expansion. An IPO listing will allow retail investors and our loyal users the opportunity to participate in our exciting journey of growth to be the premier mobility player in Singapore,” Mr Zou said.