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S’pore ride-hailing startup Ryde now provides free insurance coverage for its riders

Ryde car app

Ryde has partnered with insurer FWD Singapore to provide free insurance coverage to its ride-hailing passengers.

The coverage, which will be available until the end of June next year, offers a S$10,000 payout per passenger in case of accidental death while on a Ryde trip.

Other situations in the protection coverage include up to a S$200 payout for loss of identification documents such as passport or drivers licence. There’s also S$20 Ryde Wallet credits provided in the event the trip is disrupted due to an accident requiring emergency assistance.

The move comes as Singapore is set to reopen gradually, and the companies expect the demand for ride-hailing services to pick up.

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Terence Zou, founder and CEO of Ryde said: “We believe in making daily commute better for all, and one of the ways we can do this is by ensuring customers who book our rides enjoy peace of mind during their journeys with us.”

Terence added that the company is glad to embark on this strategic partnership with FWD and looks forward to other future opportunities.

Ryde said it currently has more than 10,000 driver partners on its platform and its app has been downloaded by more than 700,000 users.

Ryde eyeing IPO next year amid expansion plans

The carpooling app is said to be targeting for an initial public offering (IPO) next year to generate the funds needed to grow its user base and service portfolio.

The company said it has processed more than 16 million bookings since its inception in 2014.

Ryde said it hit profitability for the first time in the fourth quarter of 2020 and its gross transaction value grew close to four-fold since the start of the Covid-19 pandemic.

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The company claims its key competitive advantage to be its lower fees. It charges a 10 per cent commission, as compared to the market average of 20 to 25 per cent. This means that Ryde drivers can take home S$9.00 for every S$10.00 made.

Ryde has openly said that it aims to grab 30 per cent of Singapore’s ride-sharing market by 2023, making a direct challenge to claim some share of the ride-hailing pie from major players like Gojek and Grab.


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Featured Image Credit: Mashable

Categories: Singaporean, Startups

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