Homegrown firm Ryde enters the ride-hailing fray

It launched a new private-hire car service with its 55,000-strong fleet.

The acquisition of Uber’s SEA operations by Grab could drastically alter the competitive dynamics in Singapore’s private car hire and taxi industry. However, even before the dust has settled, UOB Kay Hian said a new competitor in Ryde is on the rise.

Singapore’s homegrown carpooling app, Ryde, announced on 28 March that it will be launching RydeX, its new private-hire car service. UOBKH said it currently has a combined fleet of more than 55,000 drivers, including both private cars and taxis that serve 300,000 passengers a day in Singapore and Hong Kong.

According to its announcement, the company has already started accepting sign-ups of drivers via the Ryde app.

Other Ryde services include RydeSchool which connects parents who have children attending the same school, and RydePet, a service that matches users with pet-friendly drivers.

Whilst the merger between Grab and Uber could temporarily ease competition, there remains limited entry barriers, as indicated by the entry of RydeX into Singapore.