Terence Zou, CEO of Ryde Group, joined Judy Khan Shaw on the floor of the New York Stock Exchange to discuss the company’s recent IPO. The IPO marked a significant milestone in Ryde’s journey from a local startup to a player on the global stage. The public offering is a financial achievement and a strategic move to propel the company into new markets and expand its technological advancements in global mobility.

“Being listed on the NYSE American is a monumental step for us,” Zou stated during the interview. “It symbolizes our evolution from a nascent startup to a global contender in the mobility space, and importantly, it opens up avenues to capital that are essential for our next growth phase.”

Ryde consolidates carpooling, taxi, and delivery services into a single platform, has captured a significant user base in Singapore, and plans to replicate this success globally. The IPO is expected to inject vital capital into the company, fostering product innovation and supporting expansion plans.

“The funds we’ve raised are earmarked for three critical areas: intensifying our product development, expanding our engineering team, and exploring strategic acquisitions that align with our core offerings of ride-sharing and food delivery,” Zou explained. “This capital boost will accelerate our plans to scale operations and refine our service offerings.”

Sustainability remains a cornerstone of Ryde’s strategy. Carpooling, a significant part of Ryde’s service, exemplifies the company’s commitment to environmentally friendly transportation solutions.

“Carpooling reduces the number of empty seats per vehicle, which is crucial for decreasing the carbon emissions per passenger,” Zou emphasized. “It’s not only about environmental responsibility—our users benefit from substantial cost savings compared to traditional transport methods. It’s about making sustainable choices more accessible and practical for everyone.”

Zou also highlighted the company’s innovative revenue-generating approach, which has diversified beyond mere transaction fees. Ryde has introduced subscription models and digital advertising, which have contributed significantly to its financial health.

“Our subscription service, Ryde Plus, mirrors the benefits of services like Amazon Prime, providing value beyond the ride itself,” Zou detailed. “For a monthly fee, our subscribers get priority service, unlimited cashback, and perks at various F&B establishments. This model has helped us increase customer retention and strengthen brand loyalty.”

Zou is optimistic about the future, seeing the IPO as just the beginning of Ryde’s journey on the global stage. “With the resources now at our disposal, we can push boundaries further, enhance our offerings, and continue to innovate in ways that align with our vision of modern, sustainable, and efficient urban transportation.”

As Ryde Group navigates its post-IPO landscape, the focus remains on leveraging technology to enhance global mobility solutions sustainably and profitably, ensuring long-term growth and customer satisfaction in the increasingly competitive transportation sector.