Gobi Partners leads $10m round for SG ride-sharing platform

RushOwl, a Singapore-based ride-sharing platform, has raised US$10 million in a series A round led by Gobi Partners, with participation from the Hong Kong Investment Corporation Limited.

Founded in 2018, RushOwl partners with corporates and schools and operates in Singapore, India, and Hong Kong.

Its platform has powered over 1.5 million rides and manages more than 4,000 trips daily.

The company plans to use the funding to expand into the Philippines, South Korea, and Malaysia, and to open an R&D centre in Malaysia. Its app, RushTrail, serves 250,000 users.

RushOwl also aims to license its routing technology, RushOS, to fleet partners and grow its B2B sales team.

Key partners include Asia Pacific Breweries, CBRE, and Singapore’s Ministry of Education.

🔗 Source: Gobi Partners

🧠 Food for thought

1️⃣ Subscription models prove more sustainable than on-demand services in ride-sharing

RushOwl’s journey shows how ride-sharing companies can achieve stronger financial performance by shifting from on-demand consumer services to contracted business models.

The company experienced a 400% increase in ridership by 2021 with its consumer-focused approach but then faced a significant slowdown that prompted a strategic pivot to B2B operations 2.

After transitioning to subscription-based transport solutions for corporate workers and students, RushOwl achieved a 3X year-on-year revenue increase and reached an eight-figure revenue run rate in 2024 3.

The company now secures eight-figure annual contracted revenues through long-term agreements of at least 24 months 1.

This shift demonstrates how predictable, contracted revenue streams can provide more stability than volatile on-demand services, especially in markets where transportation needs are routine and schedulable.

The subscription model addresses specific pain points like safety and cost concerns for businesses, creating stronger customer relationships than individual ride transactions.