Ryde Group, which operates a ride-hailing app in Singapore, filed on Thursday with the SEC to raise up to $17 million in an initial public offering.
Ryde Group envisions becoming a "super mobility app," offering multiple mobility tools through a single app. The company currently operates in Singapore through two core business segments: mobility, providing on-demand and scheduled carpooling and ride-hailing services; and quick commerce, providing on-demand, scheduled, and multi-stop parcel delivery services. Ryde also generates revenue through advertising and memberships.
The Singapore-based company was founded in 2014 and booked $7 million in revenue for the 12 months ended December 31, 2022. It plans to list on the NYSE American under the symbol RYDE. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.
