Ryde Group Ltd (NYSE American:RYDE) ("Ryde'' or the "Company"), a leading technology platform for mobility and quick commerce in Singapore, announces a significant step forward in delivering exceptional rider experiences while upholding its strong commitment to supporting driver-partners.
As part of its ongoing mission to empower driver-partners, Ryde continues to uphold its industry-leading 0% commission policy and 7 Driver Commitments, focused on transparency, fair rewards, and long-term support. The 0% commission policy is extended to all private-hire and taxi drivers on the platform.
Platform Fee Adjustments to Enhance Fairness and Sustainability
Effective January 23, 2025, Ryde will introduce updated platform fees designed to promote fairness, sustainability, and improved service quality, further strengthening its dedication to building a fairer platform for riders and driver-partners. Starting January 23, 2025, Ryde's platform fees (for both cash & cashless payments) will be adjusted as follows:
For fares $18 and below: $1.05 (exclusive of GST)
For fares above $18: $1.25 (exclusive of GST)
These updates reflect Ryde's commitment to balancing affordability with fairness while ensuring long-term sustainability.
Strategic Focus Areas
Ryde continues to focus on initiatives that enhance experiences for riders and driver-partners while building a sustainable and environmentally conscious business.
A) Enhancing Rider & Safety Experience
Advanced Safety Features: Implementing more measures to ensure rider and driver-partner security.
App Upgrades: Introducing intuitive features, faster response times, and a more user-friendly interface.
Operational Enhancements: Streamlining processes to reduce wait-times and optimize ride matching.
Technological Advancements: Leveraging proprietary AI and data analytics to improve match-rates and predict demand patterns.
Platform Maintenance: Ensuring a seamless, reliable rider experience.
B) Empowering Driver-Partners
Ryde leads the industry in driver-partner support with initiatives including:
0% Commission Model: Ensuring driver-partners retain more of their earnings.
7 Driver Commitments: Promoting transparency, trust, and fairness.
Fair Rewards and Benefits: Offering competitive earnings, transparent pricing, and additional incentives.
1-Day Leave Scheme: Enhancing driver well-being by providing rest days to maintain high levels of service and satisfaction.
C) Building a Sustainable Business
Ryde remains focused on balancing fair and transparent pricing with sustainable operations by:
Maintaining affordable fares while ensuring driver-partners are fairly compensated.
Strengthening ongoing innovations and operational improvements.
Promoting eco-friendly practices, such as carpooling, to reduce carbon emissions.
D) Commitment to Environment: RydeGreen Program
As part of its sustainability mission, Ryde continues to drive impactful initiatives through the RydeGreen Program. The program is designed to promote the use of electric vehicles (EVs) among driver-partners, reduce carbon emissions, and support Singapore's Green Plan 2030. By encouraging EV adoption, carpooling, and other eco-friendly practices, Ryde is committed to building a greener, more sustainable mobility ecosystem.
Looking Ahead
Ryde estimates that these changes may potentially contribute to a 15-20% increase in revenue for the financial year 2025, which can be reinvested into improving the platform's operations, services, and ecosystem for the benefit of all stakeholders.
Ryde's growth is rooted in its vision of creating a community-centered, sustainable, and innovative ecosystem, ensuring the long-term sustainability of its platform while benefitting riders, driver-partners, and the wider community.
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 driver-partners on our platform. For more information, please visit https://rydesharing.com/ to learn more.
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.
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.
Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
