[ Beta Hunting ] Ryde Group Limited: A Look at Singapore’s Super Mobility App
![[ Beta Hunting ] Ryde Group Limited: A Look at Singapore’s Super Mobility App](https://sgsnsimg.moomoo.com/sns_client_feed/103280143/20241025/1729859879812-452345c75e.png/big?area=104&is_public=true)
Ryde Group Limited (NASDAQ: RYDE), a Singaporean tech company founded in 2014, has set its sights on becoming a “super mobility app,” integrating ride-hailing, carpooling, and parcel delivery under one platform. It aims to simplify urban transportation and logistics, catering to both individual users and businesses.
Ryde’s business operates in two key segments.
First, the mobility services segment, which started with carpooling and later expanded to ride-hailing options like RydeX, RydeXL, and RydeLUXE. This segment also includes tailored services like RydeFLASH for fast rides and RydePET for pet transport, demonstrating the company’s flexibility in meeting diverse user needs.
The second segment is quick commerce, which focuses on parcel delivery through RydeSEND, catering to e-commerce and F&B businesses. The acquisition of Meili Technologies Pte. Ltd. in early 2023 boosted Ryde’s capabilities in this space.
![[ Beta Hunting ] Ryde Group Limited: A Look at Singapore’s Super Mobility App](https://sgsnsimg.moomoo.com/sns_client_feed/103280143/20241025/1729859885949-81cd3e54af.jpeg/big?area=104&is_public=true)
The market potential for Ryde is strong. Singapore’s mobility market, expected to grow at a CAGR of 26.7% and reach USD 6 billion by 2027, offers a significant opportunity. Likewise, the quick commerce sector is projected to grow from USD 6.4 billion in 2022 to USD 13.5 billion by 2027, driven by digital adoption and convenience-focused consumer behaviour. Ryde’s approach of integrating these services positions it well for growth.
Financially, Ryde has shown promising revenue growth, increasing from S$6.2 million in 2021 to S$8.8 million in 2022, with further growth in the first half of 2023 to S$5.2 million. However, profitability remains elusive, with net losses widening from S$1.2 million in 2021 to S$5 million in 2022, continuing into 2023 with a S$4 million loss in the first half.
These losses are primarily due to increased spending on incentives, tech development, and expansion efforts. The balance sheet shows a need for more capital, with liabilities reaching S$12.9 million by mid-2023 and limited cash reserves of S$2.3 million.
Ryde’s strategic plans include diversifying services and improving user experience. The acquisition of Meili reflects its ambitions for growth, and future strategies may involve more partnerships, joint ventures, or acquisitions. While its vision aligns well with market trends, achieving profitability will require disciplined cost management, and strong user engagement.
In summary, Ryde offers exciting growth potential as it seeks to redefine urban transportation and logistics. It has the ingredients to become a strong player in Southeast Asia, but success will depend on its ability to execute strategically while managing costs and securing sufficient capital to support its expansion plans.
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102566240 : This company has been burning through investor funds without turning a profit since its startup and continues to operate at a loss year after year. The founder also CEO now holds just over 8% + of shares, not 80% and Ryde only has a 2%+ share of the Singapore ride-hailing market. What can you really expect?
105375673 : Looking for that turnaround soon, with more market share.
103280143 OP 102566240 : Depends on where you coming from, now it is considered low base given how the share price reflected the financials, and if you gone through their 1H report, they seems quite positive about the prospects
Just my opinion
lucaspan : the app is lousy as GPS always harwire
104186936 lucaspan : Looks like everyone has different "tastes". I like these apps though, they are user friendly.
IamArnold lucaspan : isn't its gps waze?
102566240 103280143 OP : It’s not just about whether the stock is cheap; not many locals are using this app.
Those so-called prospects are merely forward-looking statements, and this stock is likely to be delisted soon. Good luck.