Miguel Cordon · · 1 min readRyde wins full ride-hailing license from LTA in Singapore
The Land Transport Authority (LTA) of Singapore has converted Ryde Technologies‘ provisional licenses for ride-hailing and carpool services into full licenses that are valid for three years.
Photo credit: Ryde
The announcement would make Ryde the fifth operator with a full ride-hailing license in Singapore, coming after ComfortDelGro, Grab, Gojek, and Tada Mobility. Meanwhile, it’s only the second carpool license holder in the city-state after Grab.
According to the LTA, Ryde was given the full licenses after meeting its regulatory standards over the past year.
The startup was awarded the provisional licenses in October last year during the commencement of LTA’s point-to-point (P2P) regulatory framework, which allowed Ryde to provide ride-hailing and carpool services while it was still improving its operational capabilities.
Under the framework, P2P operators with 800 or more vehicles on their platforms are licensed based on the type of services they provide.
The development comes after Terence Zou, CEO of Ryde, said that the startup is preparing for an initial public offering on the Catalist board of the Singapore Exchange in 2022, eyeing a US$149 million valuation. “We want to access a wider investor base which includes retail investors and our loyal members,” he previously told KrAsia.
Editing by Collin Furtado and Lorenzo Kyle Subido
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