Singapore-based ride-hailing app Ryde is planning a $200 million listing on the Singapore Exchange (SGX) Catalist board in 2022, announced the company on March 8.
The announcement comes on the back of Ryde turning profitable in 4QFY2020 as Gross Transaction Value (GTV) increased four times during the pandemic, says the company. Ryde also saw its user count grow 30% y-o-y in this time.
Ryde presently counts over 10,000 monthly active drivers in their network. It aims to capture 30% of the ride-hailing market in Singapore by 2023, a sector currently dominated by Grab and Gojek.
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To join its current team of less than 50 staff, Ryde will hire 100 more staff over the next three years.
Ryde will also launch a new on-demand delivery service RydeSend, currently in its beta phase.
The company is targeting to hit $120m of GTV from both ride-hailing and delivery verticals in 2021.
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Ryde has appointed SAC Capital as its financial advisor. Founded in 2004, SAC Capital has seen over 40 IPOs and has raised around $1.5 billion from IPO proceeds.
Founded in 2014, Ryde pioneered digital carpooling in Singapore, two years before its competitor Grab launched its version of the service, GrabHitch.
In 2019, Ryde reportedly hit US$21.5 million in gross merchandise volume and US$2.15 million in revenue.
See also: Catalist-aspirant Ryde aims for growth while keeping eye on both top and bottom lines
As of last year, Ryde has reportedly raised US$9.5 million from a range of investors, including Sea. The tech giant led two of Ryde’s funding rounds in 2016 and 2017.
To date, Ryde has facilitated over 16 million bookings, and its app has been downloaded close to 700,000 times.
