It’s a ride-hailing company. It’s looking to IPO. And it’s in Southeast Asia. And no, it’s not Grab, but Singapore-based Ryde, the forgotten middle child in the country’s ride-hailing race.
Singapore’s market is dominated by the ‘Big Two’, Grab and Gojek, who together control about 70-80% of the ride-hailing pie. Ryde is gunning for third place. The 2014-founded company wants 30% market share by 2023.
Ryde is positioned as a ‘Plan B’ to Grab and Gojek. Its main competitive edge is that it charges its drivers a 10% commission rate, compared to the 20% charged by the Big Two.