Form 424B3 - Prospectus [Rule 424(b)(3)]

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-282076

PROSPECTUS SUPPLEMENT NO. 1

(TO PROSPECTUS DATED September 27, 2024)

Ryde Group Ltd

This is a supplement (“Prospectus Supplement”) to the prospectus, dated September 27, 2024 (“Prospectus”) of Ryde Group Ltd (the “Company”), which forms a part of the Company’s Registration Statements on Form F-1 (Registration No. 333-282076), as amended or supplemented from time to time.

On October 23, 2022, the Company furnished a Report on Form 6-K (the “Form 6-K”) to the U.S. Securities and Exchange Commission (the “Commission”) as set forth below.

This Prospectus Supplement should be read in conjunction with, and delivered with, the Prospectus and is qualified by reference to the Prospectus except to the extent that the information in this Prospectus Supplement supersedes the information contained in the Prospectus. This Prospectus Supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it.

Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page 8 of the Prospectus for a discussion of information that should be considered in connection with an investment in our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus supplement is October 23, 2024.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2024

Commission File Number: 001-41950

Ryde Group Ltd

Duo Tower, 3 Fraser Street, #08-21

Singapore 189352

+65-9665-3216

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Information contained in this Report on Form 6-K

Ryde Group Ltd (the “Company”) is hereby furnishing this report on Form 6-K (the “Report”) to provide the unaudited interim condensed consolidated financial statements of the Company for the six months ended June 30, 2023 and 2024, included as Exhibit 99.1 of this Report, the management’s discussion and analysis of financial condition and results of operations for the six months ended June 30, 2023 and 2024, included as Exhibit 99.2 of this Report, and a press release dated October 23, 2024 announcing corporate updates and the financial results for the six months ended June 30, 2024 of the Company, included as Exhibit 99.3 of this Report.

EXHIBIT INDEX

Exhibit No.		Description
99.1		Unaudited Interim Consolidated Financial Statements for the Six Months ended June 30, 2023 and 2024
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2023 and 2024
99.3		Press Release – Ryde Reports First Half 2024 Results
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Ryde Group Ltd

Date: October 23, 2024	By:	/s/ Zou Junming Terence
	Name:	Zou Junming Terence
	Title:	Chairman of the Board of Directors and Chief Executive Officer

Exhibit 99.1

RYDE GROUP LTD

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Page

Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2024	F-2
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss for the Six months Ended June 30, 2023 and 2024	F-3
Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Six months Ended June 30, 2023 and 2024	F-4
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2024	F-5
Notes to Unaudited Interim Condensed Consolidated Financial Statements	F-6 to F-22

F-1

RYDE GROUP LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000
ASSETS
Current assets
Cash and cash equivalents		1,694			2,976			2,196
Accounts receivable, net		30			37			27
Deposits, prepaid expenses and other current assets		660			4,271			3,152
Deferred initial public offering (“IPO”) costs		2,079			-			-
Total current assets		4,463			7,284			5,375

Non-current assets
Property and equipment, net		61			32			24
Intangible assets, net		673			718			530
Goodwill, net		-			-			-
Total non-current assets		734			750			554

TOTAL ASSETS		5,197			8,034			5,929

LIABILITIES
Current liabilities
Accounts payable		5,463			3,809			2,811
Accrued expenses and other current liabilities		1,922			1,048			773
Convertible loans		2,303			-			-
Note from a shareholder		2,850			-			-
Operating lease obligations		49			25			18
Total current liabilities		12,587			4,882			3,602

Non-current liabilities
Deferred tax liabilities		32			32			24
Total non-current liabilities		32			32			24

TOTAL LIABILITIES		12,619			4,914			3,626

SHAREHOLDERS’ EQUITY
Ordinary shares, US$0.0002 of nominal or par value, 175,000,000 Class A Ordinary Shares and 75,000,000 Class B Ordinary Shares authorized, 17,339,871 Class A Ordinary Shares as of June 30, 2024 (2023: 12,571,044) and 3,542,400 Class B Ordinary Shares issued and outstanding for both periods		4			6			4
Additional paid-in capital		18,663			42,708			31,514
Accumulated deficit		(25,893	)		(39,423	)		(29,089	)
Foreign currency translation reserve		(117	)		(80	)		(59	)
(Deficit)/Equity attributable to owners of the Company		(7,343	)		3,211			2,370
Non-controlling interests		(79	)		(91	)		(67	)
Total shareholders’ (deficit)/equity		(7,422	)		3,120			2,303
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		5,197			8,034			5,929

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-2

RYDE GROUP LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	2023			2024			2024
	For the six months ended June 30,
	2023			2024			2024
		S$’000			S$’000			US$’000

Revenue		5,232			4,376			3,229

Other income		49			43			32
Drivers and riders cost and related expenses		(3,669	)		(1,975	)		(1,457	)
Employee benefits expenses		(963	)		(1,102	)		(813	)
Depreciation and amortization expenses		(181	)		(247	)		(182	)
Finance costs		(52	)		(75	)		(55	)
Other expenses		(3,751	)		(4,755	)		(3,509	)
Operational loss		(3,335	)		(3,735	)		(2,755	)
Impairment of goodwill		(664	)		-			-
Share-based compensation		-			(9,807	)		(7,237	)
Loss before income taxes		(3,999	)		(13,542	)		(9,992	)
Income tax expense		-			-			-
Net loss		(3,999	)		(13,542	)		(9,992	)
Less: Net loss attributable to non-controlling interest		(30	)		(12	)		(9	)
Net loss attributable to Ryde Group Ltd		(3,969	)		(13,530	)		(9,983	)

Net loss		(3,999	)		(13,542	)		(9,992	)
Other comprehensive loss
Foreign currency translation adjustment		-			37			27
Total other comprehensive loss		(3,999	)		(13,505	)		(9,965	)
Less: Comprehensive loss attributable to non-controlling interest		(30	)		(12	)		(9	)
Comprehensive loss attributable to Ryde Group Ltd		(3,969	)		(13,493	)		(9,956	)

Net loss per share attributable to ordinary shareholders
Basic and diluted		(0.34	)		(0.81	)		(0.60	)

Weighted average number of ordinary shares used in computing net loss per share
Basic and diluted (‘000)		11,702			16,577			16,577

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-3

RYDE GROUP LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Class A Shares Outstanding		Class B Shares Outstanding		Par value			Additional paid-in capital		Accumulated deficit			Foreign currency translation reserve			Deficit attributable to owners of the Company			Non- controlling interests			Total deficit
			Ordinary Shares
	Class A Shares Outstanding		Class B Shares Outstanding		Par value			Additional paid-in capital		Accumulated deficit			Foreign currency translation reserve			Deficit attributable to owners of the Company			Non- controlling interests			Total equity
	‘000		‘000		S$’000			S$’000		S$’000			S$’000			S$’000			S$’000			S$’000

For the six months ended June 30, 2023

Balance as of January 1, 2023		8,159		3,543		3			8,101		(13,066	)		-			(4,962	)		(37	)		(4,999	)
Net loss		-		-		-			-		(3,969	)		-			(3,969	)		(30	)		(3,999	)
Balance as of June 30, 2023		8,159		3,543		3			8,101		(17,035	)		-			(8,931	)		(67	)		(8,998	)

For the six months ended June 30, 2024
Balance as of January 1, 2024		12,571		3,543		4			18,663		(25,893	)		(117	)		(7,343	)		(79	)		(7,422	)
Balance		12,571		3,543		4			18,663		(25,893	)		(117	)		(7,343	)		(79	)		(7,422	)

Net loss		-		-		-			-		(13,530	)		37			(13,493	)		(12	)		(13,505	)
Conversion of convertible loan from third parties		68		-		-	*		372		-			-			372			-			372
Share-based compensation		1,500		-		1			9,863		-			-			9,864			-			9,864
Issuance of new Class A Shares		3,200		-		1			13,810		-			-			13,811			-			13,811
Balance as of June 30, 2024		17,339		3,543		6			42,708		(39,423	)		(80	)		3,211			(91	)		3,120

						US$’000			US$’000		US$’000			US$’000			US$’000			US$’000			US$’000
Balance as of June 30, 2024		17,339		3,543		4			31,514		(29,089	)		(59	)		2,370			(67	)		2,303
Balance		17,339		3,543		4			31,514		(29,089	)		(59	)		2,370			(67	)		2,303

Amount less than S$1,000.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-4

RYDE GROUP LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	2023			2024			2024
	For the six months ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		(3,999	)		(13,542	)		(9,992	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization		150			218			161
Depreciation		31			29			21
Amortization of debt issuance cost		45			15			11
Interest expense		-			60			44
Impairment of goodwill		664			-			-
Share-based compensation		-			9,807			7,237
Net effect of exchange rates changes		-			94			69

Changes in assets and liabilities:
Accounts receivable, net		68			(7	)		(5	)
Deposits, prepaid expenses and other current assets		(163	)		(3,612	)		(2,665	)
Accounts payable		773			(1,654	)		(1,221	)
Accrued expenses and other current liabilities		(90	)		(905	)		(667	)
Operating lease obligations		-			(25	)		(18	)
Net cash used in operating activities		(2,521	)		(9,522	)		(7,025	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of plant and equipment		(23	)		-			-
Additions in intangible assets		(229	)		(263	)		(194	)
Cash acquired from acquisition of subsidiaries		63			-			-
Net cash used in investing activities		(189	)		(263	)		(194	)

CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of new Class A Shares		-			15,889			11,723
Proceeds from note from a shareholder		2,000			950			701
Repayments of note from a shareholder		-			(3,800	)		(2,804	)
Repayments of convertible loans		-			(1,972	)		(1,455	)
Net cash provided by financial activities		2,000			11,067			8,165

Net change in cash and cash equivalents		(710	)		1,282			946
Cash and cash equivalents at beginning of year		3,007			1,694			1,250
Cash and cash equivalents at end of period		2,297			2,976			2,196

SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest		-			60			44
Cash paid for income tax		-			-			-

Non-cash investing activities:
Non-cash transactions from acquisition of subsidiaries		600			-			-

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-5

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1	Organization and business overview

Ryde Group Ltd (the “Company”) is an investment holding company incorporated on February 21, 2023 under the laws of the Cayman Islands. The Company has no substantial operations other than holding all of the outstanding share capital of Ryde Group (BVI) Ltd (“Ryde BVI”) incorporated under the laws of the British Virgin Islands (“BVI) on February 22, 2023. Ryde BVI has no substantial operations other than holding all of the equity interest of Ryde Technologies Pte. Ltd., a Singapore company incorporated on September 2, 2014.

The Company through its subsidiaries provide mobility and quick commerce solutions to its consumers. Ryde is a technology-driven platform that offers reliable, affordable, and sustainable mobility and quick commerce solutions to our consumers. The Company’s core business is divided into two categories: (i) mobility, which involves providing flexible and scheduled carpooling and ride-hailing services, matching riders with our network of driver partners; and (ii) quick commerce, which involves on-demand, scheduled, and multi-stop parcel delivery services. Our technology-enabled platform enables us to provide efficient, personalized, and cashless payment services, ensuring a seamless user experience for both riders and partners. Ultimately, Ryde is dedicated to providing sustainable, affordable, and convenient mobility and delivery solutions to our consumers.

Ryde Group Ltd, and its subsidiaries are collectively referred to as the “Group” or “Ryde”.

The Company is headquartered in Singapore.

On May 5, 2023, the Company completed an internal reorganization of Ryde Technologies Pte. Ltd. whereby certain then existing shareholders, who collectively owned 99.26% of the equity interests of Ryde Technologies Pte. Ltd. prior to the reorganization, transferred their respective ordinary shares in the capital of Ryde Technologies Pte. Ltd. to the Company’s nominee, Ryde Group (BVI) Ltd. In consideration thereof, the Company had allotted and issued an aggregate of 4,503,985 ordinary shares comprising 3,263,666 Class A Ordinary Shares of the Company and 1,240,319 Class B Ordinary Shares of the Company to such shareholders of Ryde Technologies Pte. Ltd. Zou Junming Terence has transferred his share in Ryde Group (BVI) Ltd to the Company, in consideration thereof, the Company had allotted and issued 176,640.8 Class B Ordinary Shares of the Company to Zou Junming Terence, in accordance with and subject to the terms of the Restructuring Agreement. The Restructuring Agreement was entered into to facilitate a corporate restructuring in connection with the Company’s listing on the NYSE American. After the reorganization, Ryde Technologies Pte. Ltd. became a 99.26% subsidiary of Ryde Group (BVI) Ltd, who is in turn, a wholly-owned subsidiary of Ryde Group Ltd. These entities are under common control, accordingly, the condensed consolidated interim financial statements are prepared on the basis as if the reorganization became effective on 1 January 2023, as presented in the accompanying condensed consolidated interim financial statements of the Company.

The condensed consolidated interim financial statements of the Company include the following entities:

Name	Date of incorporation	Percentage of direct or indirect interests	Place of incorporation	Principal activities

Ryde Group (BVI) Limited	February 22, 2023	100%	British Virgin Islands	Investment holding
RGT (BVI)	May 14, 2024	100%	British Virgin Islands	Investment holding
RCS (BVI) Ltd	May 14, 2024	100%	British Virgin Islands	Investment holding
Ryde Technologies Pte. Ltd.	September 2, 2014	99.26%	Singapore	Mobility and quick commerce solutions
Meili Technologies Pte. Ltd.	November 30, 2020	99.26%	Singapore	Quick Commerce solutions
Meili Technologies Malaysia Sdn. Bhd.	December 16, 2021	99.26%	Malaysia	Dormant

The major rights, preferences and privileges of the Class A and Class B Ordinary Shares are as follows:

Conversion rights

Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

F-6

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1	Organization and business overview (continued)

Dividend rights

The holders of Class A and Class B ordinary shares are entitled to such dividends as may be declared by our board of directors or declared by our shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended by our directors).

No dividends on ordinary shares have been declared for the period/year ended June 30, 2024 and December 31, 2023.

Liquidation preferences

In the event of any liquidation, dissolution, or winding up of the Company, either voluntarily or involuntarily, the holders of Class A and Class B ordinary shares are entitled to any distribution of any assets or funds in proportion to the par value of the shares held by them.

Voting rights

Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of the Company. Each Class A Ordinary Share shall be entitled to one vote and each Class B Ordinary Share shall be entitled to 10 votes on all matters subject to the vote at general meetings of our Company.

2	Summary of significant accounting policies

Basis of presentation

The accompanying condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Consolidation

The accompanying condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. Significant inter-company balances, investment and capital, if any, have been eliminated upon consolidation.

Liquidity

In assessing the Company’s liquidity, the Company monitors and evaluates its cash and cash equivalent and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations.

Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements of the Company. As of June 30, 2024, the Company has negative cash flow from operating activities of S$9,522,000 (US$7,025,000). The Company’s working capital was positive S$2,402,000 (US$1,773,000) as of June 30, 2024 and the Company had S$2,976,000 (US$2,196,000) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of June 30, 2024.

On September 26, 2024, the Company completed its follow-on public offering. In this offering, the Company issued 5,300,000 units, each consisting of one Class A Ordinary Share and one warrant to purchase a Class A Ordinary Share at a price of US$0.85 per unit. The Company received gross proceeds in the amount of US$4.5 million before deducting any underwriting discounts or expenses.

To sustain its ability to support the Company’s operating activities, the Company considered supplementing its sources of funding through the following:

	●	cash and cash equivalents generated from operations;
	●	other available sources of financing from Singapore banks and other financial institutions;
	●	financial support from the Company’s related parties and shareholders;
	●	issuance of additional convertible notes; and
	●	obtaining funds through a future raise debt and equity.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business.

Based on the above considerations, management believes that the Company has sufficient funds to meet its operating and capital expenditure needs and obligations in the next 12 months. However, there is no assurance that the Company will be successful in implementing the foregoing plans or additional financing will be available to the Company on commercially reasonable terms. There are a number of factors that could potentially arise that could undermine the Company’s plans such as (i) changes in the demand for the Company’s services, (ii) government policies, and (iv) economic conditions in Singapore and worldwide. The Company’s inability to secure needed financing when required may require material changes to the Company’s business plan and could have a material impact on the Company’s financial conditions and result of operations.

F-7

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Foreign currency translation and transaction

The accompanying consolidated financial statements are presented in the Singapore Dollars (“SGD” or “S$”), which is the reporting currency of the Company. The functional currency of the Company and its subsidiaries in the British Virgin Islands is United States Dollars (“USD” or “US$”). All information presented in S$ have been rounded to the nearest thousand, unless otherwise stated.

Convenience translation

Translations of balances in the unaudited interim condensed consolidated balance sheets, unaudited interim condensed consolidated statements of operations and comprehensive loss, unaudited interim condensed consolidated statements of changes in shareholders’ equity and unaudited interim condensed consolidated statements of cash flows from SGD into USD as of June 30, 2024 are solely for the convenience of the readers and are calculated at the rate of SGD1.00 = USD0.7379, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 28, 2024. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

Cash and cash equivalents

Cash and cash equivalents represent cash in bank and are unrestricted as to withdrawal or use.

Accounts receivable,net

Accounts receivable mainly represent amounts due from clients that meet the revenue recognition criteria. These accounts receivable are recorded net of any allowance for doubtful accounts. Management reviews its receivables on a regular basis to determine whether the allowance for doubtful accounts is adequate and provides an allowance when necessary. The allowance is based on management’s best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable.

Deposits, prepaid expenses and other current assets

Deposits, prepaid expenses and other current assets are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of June 30, 2024 and December 31, 2023, management believes that the Company’s deposits, prepaid expenses and other current assets are not impaired.

F-8

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Use of estimates

The preparation of condensed consolidated interim financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, impairment of long-lived assets, and allowance for credit losses on receivables, and provision for expired credit. Actual results may differ from these estimates.

Provision for expired credit

Provision for expired credit represent all expired credits that are not redeemed by consumers. A provision for expired credit is recognized when the credit expires, if the amount of the obligation can be estimated reliably. The provision is recognized as a reduction of expense in the consolidated income statement, and as an asset on the consolidated balance sheet. The amount of the provision for expired credit is estimated based on historical experience and the expected rate of redemption. The estimate is reviewed regularly and adjusted if necessary, based on actual experience.

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

	Computer	3 years
	Office equipment	3 years
	Renovations	3 years
	Operating lease right-of-use assets	2 years

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

Intangible assets, net

Developed technology

Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is recognized only when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the assets, how that asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditure during the development. Developed technology have finite useful life and are amortized over a period of expected sales from the related project of 3 years on a straight-line basis from the date that they are available for use.

Business combinations

We account for our business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, we make significant estimates and assumptions, especially with respect to intangible assets. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected on the consolidated statements of operations. Acquisition costs, such as legal and consulting fees, are expensed as incurred.

Goodwill

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not subject to amortization, but is tested for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the reporting unit may be in excess of its fair value. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not that the fair value of the Company’s reporting unit is less than its carrying amount, the quantitative impairment test will be required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test. An impairment loss of goodwill amounted to S$664,000 was recorded for the six months ended June 30, 2023.

F-9

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Impairment of long-lived assets

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset’s remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

Operating lease right-of-use assets

The Company determines if an arrangement is a lease at inception. Operating leases are included in property and equipment, and operating lease liability in the Company’s unaudited interim condensed consolidated balance sheets. Operating lease right-of-use (“ROU”) assets are included in the property and equipment. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

Fair value measurements

ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

	Level 1 -	observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2 -	other inputs that are directly or indirectly observable in the marketplace.
	Level 3 -	unobservable inputs which are supported by little or no market activity.

The carrying amounts of cash and cash equivalents, accounts receivable, net, deposits prepaid and other current assets, accounts payable, accrued expenses, other current liabilities, convertible loans, and note from a shareholder approximate their fair values because of their generally short maturities.

F-10

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Revenue recognition

Mobility and quick commerce arrangement

The Company recognizes revenue for its ride-hailing and quick commerce marketplace in accordance with ASC 606. The Company generates revenue from commissions and service fees (collectively, “fees”) paid by driver partners and consumers for use of the Ryde platform to connect driver partners with consumers to facilitate and successfully complete transaction via the Application (“App”) where the Company operates as an agent. The Company recognizes revenue upon completion of each transaction. Driver partners and consumers enter into terms of service (“ToS”) with the Company in order to use the Ryde App. Under the ToS, driver partners and consumers agree that the Company retains the applicable fee as consideration for their use of the Ryde platform from the fare and related charges it collects from consumers on behalf of driver partners. The Company is acting as an agent in facilitating the ability for a driver partner to provide a mobility and quick commerce service to a consumer. The Company reports revenue on a net basis, reflecting the fee owed to the Company from a driver partner as revenue, and not the gross amount collected from the consumer.

As the Company’s customary business practice, a contract exists between the driver partner and consumer and the Company when the driver partner’s and consumer’s ability to cancel the transaction lapses, which typically is upon pickup of the consumer or goods. The Company’s single performance obligation in the transaction is to connect driver partners with consumer to facilitate the completion of a successful mobility or quick commerce service for consumer. The Company recognizes revenue upon completion of a transaction as its performance obligation is satisfied upon the completion of the transaction. The Company collects the fare and related charges from consumers on behalf of driver partners using the consumer’s pre-authorized credit card or other payment mechanism and retains its fees before making the remaining disbursement to driver partners; thus the driver partner’s ability and intent to pay is not subject to significant judgment.

Principle vs Agent consideration

Judgment is required in determining whether we are the principal or agent in transactions with driver partners, and consumer. We evaluate the presentation of revenue on a gross or net basis based on whether we control the service provided to the consumers and are the principal (i.e. “gross”), or we arrange for other parties to provide the service to the consumers and are an agent (i.e. “net”). This determination also impacts the presentation of incentives provided to driver partners and discounts and promotions offered to consumers to the extent they are not customers.

For the mobility and quick-commerce transactions, our role is to provide the service to driver partners to facilitate a successful trip or quick-commerce service to consumer. We concluded we do not control the good or service provided by driver partners to consumers as (i) we do not pre-purchase or otherwise obtain control of the goods or services prior to its transfer to the consumers; (ii) we do not direct driver partners to perform the service on our behalf, and (iii) we do not integrate services provided by driver partners with our other services and then provide them to consumers. As part of our evaluation of control, we review other specific indicators to assist in the principal versus agent conclusions. We are not primarily responsible for mobility and quick commerce services provided to consumers, nor do we have inventory risk related to these services. While we facilitate setting the price for mobility and quick commerce services, the driver partners and consumers have the ultimate discretion in accepting the transaction price and this indicator alone does not result in us controlling the services provided to consumers.

In transactions with consumers, we act as an agent of the driver partners by connecting consumers seeking mobility and quick commerce services with driver partners looking to provide these services. Driver partners and consumers are our customers and pay us a fee for each successfully completed transaction with consumers. Accordingly, we recognize revenue on a net basis, representing the fee we expect to receive in exchange for us providing the service to driver partners and consumers.

F-11

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Revenue recognition (continued)

Mobility and quick commerce

The Company derives its mobility and quick commerce revenue primarily from fees paid by driver partners and consumers for use of the platform and related service to connect with consumers and successfully complete a transaction via the platform. The Company recognizes revenue when a transaction is completed.

The presentation of revenue is on a net basis. The Company is an agent as its performance obligation is to arrange for another party (i.e. the driver partners) to provide the mobility and quick commerce services. Through the Company’s application, it allows for the connecting of the driver partners and consumers. The Company only facilitates by connecting the driver partners and consumers. The driver partners are responsible for fulfilling the contract.

Incentives provided to driver partners are recorded as a reduction of revenue if the Company does not receive a distinct good or service or cannot reasonably estimate the fair value of the good or service received. Incentives to driver partners that are not provided in exchange for a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the driver partners at the time or as they are earned by the driver partners, depending on the type of incentive. Since incentives are earned over a short period of time, there is limited uncertainty when estimating variable consideration.

Excess driver partners incentives refer to cumulative payments to driver partners that exceed the cumulative revenue that are recognize from driver partners with no future guarantee of additional revenue. Cumulative payments to driver partners could exceed cumulative revenue from driver partners as a result of driver partners incentives or when the amount paid to driver partners for a trip exceeds the fare charged to the consumer. Driver partners incentives largely depend on the business decisions based on market conditions.

When the cumulative amount of driver partners incentives exceeds the cumulative revenue earned since inception of the driver partners relationship, the excess driver partners incentives are recorded in profit or loss as an expense. As a result, driver partners incentives provided to driver partners at the beginning of a relationship are typically classified as cost of revenue, while driver partners incentives provided to driver partners with a more mature relationship are typically classified as a reduction of revenue.

Incentive to consumers

The Company provides consumer incentives in the form of credit upon completion of transaction, with the aim of encouraging consumers to utilize the Ryde platform for their future transactions. These credits are offered to consumers in the market to acquire new consumers, re-engage existing customers, or generally increase overall use of the platform, and are similar to coupons. The Company records these credits as liability on the balance sheet and as driver and riders cost and related expenses in the statement of operations and comprehensive loss at the time these credits are redeemed by the consumers.

Revenue from Advertising

Revenue from advertising is recognized when the advertising services are provided to the merchant. The revenue is recognized at the amount of consideration that the company expects to be entitled to receive, net of any discounts or refunds. If the consideration for the advertising services includes barter trade, the revenue and cost are recognized separately based on the fair value of the barter trade.

The Company derives revenue from digital advertising services provided to merchants under contractual agreements. These services encompass the display of merchants’ advertisements within our mobile/web platform and email channels. Revenue recognition commences at the initiation of the contract period, as stipulated in the signed agreement with our merchant clients. The Company employs the ‘output method’ to measure progress towards fulfilling its performance obligations. Under this method, revenue is recognized proportionately over the duration of the contractual period. This method accurately reflects the faithful depiction of the transfer of services, as it aligns with the nature of the services provided, where revenue is recognized based on the contractual period.

Membership

Revenue from membership is recognized over the period of the membership. The subscription fee is recognized as revenue over the subscription period. Any relevant costs incurred to provide the membership benefits are recognized as cost. The cashback bonuses, exclusive lifestyle and food and beverage perks, and discounts provided to the members are not recognized as revenue.

F-12

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Segments

ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major clients in financial statements for detailing the Company’s business segments. Management has determined that the Company operates in a single segment because there is only one Chief Operating Decision Maker (“CODM”) for the Company who is the Company’s Chief Executive Officer. Operating and financial metrics are applied to the entire Company as whole. The Company’s sales are principally in Singapore.

Concentrations and credit risk

Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of accounts receivable. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company’s accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining the allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

As of June 30, 2024 and December 31, 2023, the Company’s assets were located in Singapore and the Company’s revenue was principally derived in Singapore.

Employee benefits

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The Central Provident Fund paid to The Central Provident Fund Board in Singapore is S$99,000 (US$74,000) and S$104,000 for the six months ended June 30, 2024 and 2023 respectively.

Share-based compensation

The Company follows ASC 718, Compensation —Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards, including restricted stock units, based on estimated grant date fair values. Share-based compensation are valued using the market price of the Company’s common shares on the date of grant. The Company records compensation expense, net of estimated forfeitures, over the requisite service period.

Awards classified in equity under ASC 718 that may be subject to temporary equity classification include:

	●	Shares with a repurchase feature that the employee can exercise only after the shares have been vested for at least six months, as well as options on such shares.
	●	Shares that have a contingent repurchase feature that is outside the control of the employee and the entity if it is currently probable that the contingency would not occur. Examples include shares redeemable only on the occurrence of a liquidity event, such as a change of control.
	●	Options that have a contingent cash-settlement provision not within the employee’s or the entity’s control if it is not currently probable that the contingency would occur.

Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.

Income taxes

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carry forwards that can be utilized to offset future taxable income.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the six months ended June 30, 2024 and 2023.

F-13

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Government grants

Government grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. Government grants shall be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. Government grant is recognized as ‘Other income’ in profit or loss.

The following is a description of the government grants the Company have received:

		●	The Jobs Growth Incentive (“JGI”): To support employers to expand local hiring from September 2020 to March 2023. The duration of JGI support will vary depending on when the local hire was hired and the characteristics of the local hire.
		●	The Progressive Wage Credit Scheme: It was introduced in Singapore Budget 2022 to provide transitional wage support for employers to adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements and voluntarily raise wages of lower-wage workers.
		●	CPF Transition Offset: Transitory wage offsets provided by the Government equivalent to 50% of each year’s increase in employer CPF contribution rates for every Singaporean and Permanent Resident employee aged above 55 to 70 to alleviate the rise in business costs due to the increase in CPF contribution rates for senior workers.
		●	Government-Paid Leave schemes: Leave schemes provided by the Government to support parents in having and raising children by reimbursing the companies for leaves taken by eligible employees.

Earnings (loss) per share

Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company has a loss, diluted shares are not included as their effect would be anti-dilutive. The Company has no dilutive securities or debt for each of the six months ended 30 June 2024 and 2023.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market interest rates. The Company’s exposure to interest rate risk arises mainly from its interest-bearing financial liabilities. The Company periodically reviews its liabilities and monitors interest rate fluctuations to ensure that the exposure to interest rate risk is within acceptable levels. The interest-bearing financial liabilities are usually at fixed interest rates except for money market loans, bank overdrafts and floating interest rate loans. The Company does not utilize interest rate derivatives to minimize its interest rate risk.

Commitments and Contingencies

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

F-14

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Recent Adopted Accounting Pronouncements

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public companies for fiscal years beginning after December 15, 2023. We adopted the ASU on January 1, 2024. The additional required disclosures did not have a material impact on our condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280). The standard requires incremental disclosures related to reportable segments, including disaggregated expense information and the title and position of the company’s chief operating decision maker (“CODM”), as identified for purposes of segment determination. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and does not expect materials impact to its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on our consolidated financial statements and does not expect materials impact to its consolidated financial statements.

F-15

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3	Deposits, prepaid expenses and other current assets

	December 31, 2023		June 30, 2024		June 30, 2024
	S$’000		S$’000		US$’000

Deposits		209		209		154
Prepayments		120		3,653		2,696
Other receivables		173		259		191
Provision for expired credits		158		150		111
		660		4,271		3,152

As of June 30, 2024, included in prepayments of S$3,465,000 (US$2,557,000) was pertaining to prepayments to certain consultants for consulting services over a period of 20 months from the date of the Consulting Agreements. The consulting services to be provided to the Company pursuant to the Consulting Agreements dated January 20, 2024, include participate in Company’s business and management meetings and contribute to Company’s business plans; assisting Company in corporate development by introducing customers or strategic partners to Company to drive business growth; strategizing with the Company on its positioning and road map for capital raising, and assist in dealing with investor relation matters.

4	Property and equipment, net

Schedule of property and equipment, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Computer		81			72			53
Office		1			1			1
Operating lease right-of-use assets		96			96			71
Total		178			169			125
Less: accumulated depreciation		(117	)		(137	)		(101	)
Net book value		61			32			24

Depreciation expense for the six months ended June 30, 2024 and 2023 was S$29,000 (US$21,000) and S$31,000 respectively.

The Company’s operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company’s lease agreement do not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02, no right-of-use (“ROU”) assets nor lease liability was recorded for the lease with a lease term with one year or less.

5	Intangible assets, net

Schedule of intangible assets, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Developed technology		3,140			3,403			2,511
Others		5			5			4
Total		3,145			3,408			2,515
Less: accumulated amortization		(2,472	)		(2,690	)		(1,985	)
Net book value		673			718			530

Amortization expenses for the six months ended June 30, 2024 and 2023 was S$218,000 (US$161,000) and S$150,000 respectively. The weighted average remaining useful life of developed technology is 2 years 6 months.

The Company’s estimated aggregate future amortization expenses for intangible assets subject to amortization as of June 30, 2024, as follows:

	June 30, 2024
	US$’000

July to December 2024		211
Financial year ending 2025 to 2027		501

F-16

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

6	Goodwill, net

Schedule of goodwill, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Acquisition		664			664			490
Goodwill impairment		(664	)		(664	)		(490	)
Total goodwill net		-			-			-

Acquisition of Meili Technologies Pte. Ltd. and its subsidiaries (“Meili Group”)

On February 20, 2023, Ryde Technologies Pte. Ltd. entered into a Sale and Purchase Agreement for the acquisition of Meili Group, a last-mile on-demand logistics service provider in Singapore. The Meili Group comprises of Meili Technologies Pte. Ltd. and its wholly-owned subsidiary, Meili Technologies Malaysia Sdn. Bhd. (“Meili Malaysia”), which located in Malaysia. Meili Malaysia is a dormant since the date of incorporation on December 16, 2021. The acquisition is expected to contribute to the growth of the Company’s current quick commerce business.

The purchase consideration was satisfied by the issuance of exchangeable notes to the Meili Noteholders each exchangeable into shares in the Company. Under the terms and conditions of the exchangeable notes, unless previously redeemed or exchanged into shares in the Company, the purchase consideration will be mandatorily exchanged into shares of the Company upon the occurrence of the Company obtaining the receipt of the notification from a recognized exchange for the filing of the offer document for the listing. The mandatory exchange of the exchangeable notes into shares of the Company will be based on a 25% discount to the price per share on the post-money valuation of the Company immediately following the listing. As of June 30, 2023, the fair value of the purchase consideration is S$600,000.

In connection with the acquisition of Meili Group, the Company recognized identifiable assets and assumed liabilities at their respective fair values on a provisional basis as of February 20, 2023. These values are subject to change upon receipt of all the necessary information about the facts and circumstances that were in existence as of the acquisition date. The key information in this regard pertains to the value of the consideration used in measuring goodwill, which is subject to the post-money valuation of the Company and the completion of the exchange of all of the exchangeable notes held by the Meili Noteholders.

The following table summarizes the fair value of the assets acquired and liabilities assumed as of February 20, 2023:

	S$’000

Cash and cash equivalents		63
Accounts receivable, net		12
Deposits, prepaid expenses and other current assets		76
Total identifiable assets acquired		151
Total liabilities assumed		(215	)
Net liabilities acquired		(64	)
Goodwill		664
Total acquisition consideration		600

The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill.

Goodwill Impairment

In 2023, we performed an interim goodwill impairment test by comparing the fair value of the Meili Group to its carrying value. The fair value was determined as a sum of the discounted cash flow (“DCF”) method. The significant unobservable inputs used in the fair value measurement include discount rate of 6.12%, growth rate of 5% to 10%, and dividend yield of 0%. The carrying value of Meili Group exceeded its fair value, and as a result, a goodwill impairment charge of S$664,000 was recorded in the unaudited interim condensed consolidated statements of operations for the six months ended June 30, 2023.

7	Related party transactions and balances

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate.

The table below sets forth the major related parties and their relationships with the Company as of June 30, 2024 and December 31, 2023:

Name of related parties		Relationship with the Company
DLG Ventures Pte. Ltd.		Shareholder

i) Significant transactions with related parties were as follows:

	2023		2024		2024
	For the six-month ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Interest expense on note from a shareholder		4		37		27

ii) Significant balances with related parties were as follows:

December 31, 2023

June 30, 2024

June 30, 2024

S$’000

US$’000

Related parties

Note from a shareholder

2,850

F-17

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8	Convertible loans

	December 31, 2023			June 30, 2024		June 30, 2024
	S$’000			S$’000		US$’000

Convertible loan from noteholders (a)		368			-		-
Convertible loans (b)		1,950			-		-
Debt issuance cost (b)		(15	)		-		-
Convertible loan		2,303	)		-		-
Less: Current portion		(2,303	)		-		-
Non-current portion		-			-		-

(a)

Convertible loan from noteholders

This refers to an exchangeable note amounting to S$600,000 arising from the acquisition by Ryde Technologies Pte. Ltd. of Meili Technologies Pte. Ltd. pursuant to which the purchase consideration was satisfied by the issuance of exchangeable notes to the Meili Noteholders each exchangeable into shares in the Company. In September 2023 and on March 14, 2024, a total of 38,251 and 68,478 Class A Ordinary Shares, respectively, were issued to certain Meili Noteholders pursuant to an exchange of their exchangeable notes under the exchangeable note subscription agreement dated 12 April 2023.

(b)

Convertible loan from third parties

The convertible loan as of December 31, 2023 are set out below:

Schedule of convertible loan

Loan

Currency

Period

Interest rate per annum

Guarantees

Other

security

Carrying amount

(S$’000)

Carrying amount

(US$’000)

Unsecured fixed rate convertible loan

SGD

24-month

Nil

1,935

1,467

The convertible loans are repayable on or before February 28, 2024. There is no repayment and no interest paid for the financial year ended December 31, 2023. In March 2024, the convertible loan has been fully repaid.

On July 11, 2023, Ryde Technologies Pte. Ltd. (“Ryde Tech”) entered into a Second Supplemental Agreement with third parties (the “Agreement”). The Agreement give rise to Ryde Tech to redeem the convertible loan of S$1.95 million on the listing date.

The convertible loan of S$3.25 million will give rise to the third parties’ rights to the conversion into 1,155,350 Class A Ordinary Shares of the Company, at an issue price of S$2.81 per Ordinary Shares. The 1,155,350 Class A Ordinary Shares represented 7.14% of total Class A Ordinary Shares of the Company after the conversion. In September 2023, the Company issued 1,155,350 Class A Ordinary of the Company.

F-18

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

9	Note from a shareholder

December 31, 2023

June 30, 2024

S$’000

US$’000

Current

Note from a shareholder

2,850

The note from a shareholder as of December 31, 2023 are set out below:

Schedule of notes from shareholder

Note

Currency

Period

Interest rate per annum

Guarantees

Other security

Carrying amount

(S$’000)

Carrying amount

(US$’000)

Unsecured fixed rate note

SGD

12-month

Nil

2,000

1,516

Unsecured fixed rate note

SGD

6-month

Nil

850

644

10	Operating lease obligation

Schedule of operating lease obligation

December 31, 2023

June 30, 2024

June 30, 2024

S$’000

US$’000

Current portion

The Company’s commitment for minimum lease payments under the operating lease that is within twelve months as of June 30, as follow:

Schedule of maturities lease payments

Twelve months ending June 30,	Minimum lease payment
	US$’000

2025		19
Total future lease payment		19
Amount representing interest		(1	)
Present value of operating lease liabilities		18
Less: current portion		(18	)
Non-current portion		-

The following summarizes other supplemental information about the Company’s operating leases as of June 30, 2024:

Summary of supplemental operating lease

Weighted average discount rate			5	%
Weighted average remaining lease term (years)			0.58

F-19

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11	Income taxes

Caymans and BVIs

The Company and its subsidiary are domiciled in the Cayman Island and British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, the Company and Ryde Group (BVI) Limited do not accrue for income taxes.

Singapore

Ryde Technologies Pte. Ltd. and Meili Technologies Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

Malaysia

Meili Technologies (M) Sdn. Bhd. is subject to Malaysia Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%. However, if the Company has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rates will be 15% on the first MYR 150,000, 17% on amount between MYR150,001 to MYR600,000, and 24% on amount exceeding MYR 600,000.

The income tax provision in both current and deferred portions are nil for the six months ended June 30, 2024 and 2023, respectively.

A reconciliation between the Group’s actual provision for income tax and the provision at the respective statutory rate was as follows:

Schedule of provision for income tax

	2023			2024			2024
	For the six-month ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Loss before income taxes		(3,999	)		(13,542	)		(9,992	)

Tax at the domestic rates applicable to profit or loss in the countries where the Group operates		(680	)		(268	)		(198	)
Reconciling items:
Non-deductible expenses		144			42			31
Government grant not subject to tax		(6	)		(5	)		(4	)
Valuation allowance for tax losses		545			226			167
Others		(3	)		5			4
Tax charge		-			-			-

Significant components of the Company’s deferred tax balances as of June 30, 2024 and December 31, 2023 are as follows:

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000
Deferred tax assets
Tax losses carry forwards		2,635			2,079			1,534
Less: Valuation allowance		(2,635	)		(2,079	)		(1,534	)
Total deferred tax assets		-			-			-

Deferred tax liabilities
Total deferred tax liabilities		32			32			24

Deferred tax liability in relating to the fair value of intangible assets arising from the acquisition of Meili Technologies Pte. Ltd.

F-20

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11	Income taxes (continued)

The tax losses carry forwards is available for offsetting against future taxable profits for which no deferred tax asset is recognized due to uncertainty of its recoverability. The realization of the future income tax benefits from the tax losses carry forwards is available for an unlimited future period subject to the compliance with certain provisions of the tax legislations of the countries in which the group companies operate.

As of June 30, 2024, the open tax year for our entities in Singapore and Malaysia is the tax year 2023.

12	Revenue

Schedule of revenue

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Mobility		3,129		2,783		2,054
Quick commerce		86		98		72
Membership		313		308		227
Advertising initiative		1,704		1,140		841
Others		-		47		35
Revenue		5,232		4,376		3,229

13	Other income

Schedule of other income

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Government grants		35		28		21
Others		14		15		11
Other income		49		43		32

14	Other expenses

Schedule of other expenses

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Information technology expenses		587		684		505
Legal and professional fees		1,148		2,313		1,707
Marketing and advertising		1,919		1,374		1,014
Rental		21		3		2
Others		76		381		281
Total Other expenses		3,751		4,755		3,509

F-21

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

15	Share-based compensation

	2023		2024		2024
	For the six-month ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Share-based compensation		-		9,807		7,237

In June 2024, the Company issued 1,500,000 Class A Ordinary Shares of the Company to certain consultants. The consulting services provided by the Consultants to the Company pursuant to the Consulting Agreements include: review and provide advice on the Company’s strategic plans; meet with focus groups and interested parties to discuss the Company’s strategic plans; provide advice on how best to position the Company and its subsidiaries in the future; propose potential acquisition targets for the Company and its subsidiaries; and assist in dealing with the corporate matters entrusted to the Consultants by the Company and its subsidiaries.

The fair value of the Class A Ordinary Shares issued to consultants was measured based on the closing market share price of US$4.84 per share.

During the period ended June 30, 2024, the Company recognized share-based compensation of S$9,807,000 (US$7,237,000) in the consolidated statements of operations and comprehensive loss.

16	Loss per share

The following table sets forth the computation of basic and diluted loss per share attributable to ordinary shareholders for the six months ended June 30, 2024 and 2023 (in thousands):

	2023			2024			2024
	For the six months ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Net loss and other comprehensive loss		(3,999	)		(13,505	)		(9,965	)
Less: Comprehensive loss attributable to non-controlling interest		(30	)		(12	)		(9	)
Comprehensive loss for the period attributable to Ryde Group Ltd		(3,969	)		(13,493	)		(9,956	)

Basic weighted-average ordinary shares outstanding		11,702			16,577			16,577

Basic and diluted loss per share attributable to Ryde Group Ltd		(0.34	)		(0.81	)		(0.60	)

The following weighted-average effects of potentially dilutive convertible loan from third parties were excluded from the computation of diluted loss per ordinary share because their effects would have been antidilutive for the six months ended June 30, 2024 and 2023 (in thousand):

	June 30, 2023		June 30, 2024

Convertible shares for loan from third parties		587		-

17	Subsequent events

The Company has assessed all subsequent events through October 23, 2024, which is the date that these consolidated financial statements are issued and other than the following, there are no further material subsequent events that require disclosure in these consolidated financial statement.

(a) Incorporation of a new subsidiary

On August 2, 2024, the Company incorporated a new subsidiary in Singapore, namely RGTC Pte Ltd.

(b) Issuance of new shares to Maxim Partners LLC

On September 12, 2024, the Company issued 107,555 Class A Ordinary Shares to Maxim Partners LLC upon its cashless exercise of representative’s warrants that were issued to Maxim in connection with the Company’s IPO.

On September 26, 2024, Ryde Group Ltd entered into a placement agency agreement with Maxim Group LLC as the exclusive placement agent for an offering of 5,300,000 units, each consisting of one Class A Ordinary Share and one warrant to purchase a Class A Ordinary Share at $0.85 per unit. The Company also entered into a securities purchase agreement with purchasers and a warrant agency agreement with VStock Transfer LLC. The offering was registered with the SEC on Form F-1 (Registration No. 333-282076), declared effective on September 25, 2024, and closed on September 27, 2024. The Company paid Maxim Group LLC a 7.0% cash fee of gross proceeds and agreed to restrictions on future share issuance for six months post-closing. The warrants, exercisable immediately, have a five-year expiry and ownership limitations. In this offering, the Company received gross proceeds in the amount of US$4.5 million before deducting any underwriting discount or expenses.

F-22

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2024

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited interim condensed consolidated financial statements and the notes thereto, included as Exhibit 99.1 to this Report on Form 6-K. We also recommend that you read our discussion and analysis of financial condition and results of operations together with our audited financial statements and the notes thereto, which appear in our Annual Report on Form 20-F for the year ended December 31, 2023 (the “Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on April 29, 2024.

Emerging Growth Company Status

We are an “emerging growth company” under the JOBS Act. The JOBS Act, permits that an “emerging growth company” may take advantage of the extended transition period for complying with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We have elected to avail ourselves of delayed adoption of certain accounting standards. Accordingly, our financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. We intend to rely on other exemptions provided by the JOBS Act, including without limitation, not being required to comply with the auditor attestation requirements of Section 404(b) of Sarbanes-Oxley Act.

We will remain an emerging growth company until the earliest of (i) the last day of the financial year in which we have more than U.S.$1.235 billion in annual revenue, (ii) the date we qualify as a “large accelerated filer” as defined in Rule 12b-2 under Exchange Act, which would occur if the market value of our ordinary shares held by non-affiliates exceeded U.S.$700 million, (iii) the issuance, in any three-year period, by us of more than U.S.$1 billion in non-convertible debt securities, and (iv) the last day of the financial year ending after the fifth anniversary of our initial public offering.

Overview

We are a “Super mobility app” offering ultimate convenience and reliability for our customers through multiple mobility tools that can be accessed and function seamlessly out of a single app. Through the power of technology, we are committed to positively impact the lives of all drivers by revolutionizing the way people and goods move. Our app allows for both on-demand and scheduled carpooling and ride-hailing services, and on-demand, scheduled and multi-stop parcel delivery services.

Headquartered in Singapore, we plan to expand into Southeast Asia, such as Malaysia and Thailand, and other countries, such as Australia and New Zealand.

Summary of Our Services

Our current app powers mobility for the community allowing real-time connection between riders, goods and drivers.

a)	Mobility (Ride-hailing): Ryde’s ride-hailing service allows users to book rides with drivers using a mobile app.
b)	Mobility (Carpooling): Ryde’s carpooling service allows users to share rides with others who are traveling in the same direction, helping to reduce congestion and carbon emissions.
c)	Quick commerce: Ryde’s delivery service allows users to make a delivery booking using a mobile app.

We expanded our services in 2018 with the launch of RydeSEND, a quick commerce solution. Integrated within the Ryde app, RydeSEND allows users to conveniently select the service and have their goods delivered within 50 minutes of pickup. One of the standout features of RydeSEND is its real-time tracking system, providing users with the ability to monitor the progress of their deliveries in real-time.

In March 2022, we introduced an enhanced multi-stop feature, enabling users to send their items to up to 6 different destinations in a single trip. This advancement optimizes efficiency and reduces costs for users with multiple delivery needs. Each stop within a booking may have varying delivery windows, providing flexibility and convenience. Delivery fees are calculated based on factors such as distance, time, and additional delivery-related costs, including surging prices during periods of high demand.

In February 2023, we further bolstered our technological capabilities through the acquisition of Meili Technologies Pte. Ltd. This strategic move not only brings advanced software technology to our platform but also strengthens our position by leveraging existing contractual relationships with various clients. Additionally, we expanded our pool of delivery partners by offering opportunities for motorcyclists and walkers to become RydeSEND partners. This expansion aims to enhance our overall fulfillment rate and ensure prompt and efficient delivery services for our customers.

Through RydeSEND, we continue to transform the quick commerce landscape, providing a seamless and reliable solution for users to have their goods delivered swiftly and conveniently. Our commitment to innovation, strategic partnerships, and expanding our delivery network enables us to meet the evolving demands of our customers while driving revenue growth in the competitive quick commerce sector.

Overall, we aim to provide safe, reliable, and affordable transportation options for our users while also promoting sustainable mobility and quick commerce practices.

Financial Operations Overview

Comparison of Six Months Ended June 30, 2024 and 2023

	For the six months ended June 30,
	2024			2024			2023			Increase/(Decrease)
	US$’000			S$’000			S$’000			S$’000			%

Revenue		3,229			4,376			5,232			(856	)		-16	%

Other income		32			43			49			(6	)		-12	%
Drivers and riders cost and related expenses		(1,457	)		(1,975	)		(3,669	)		(1,694	)		-46	%
Employee benefits expenses		(813	)		(1,102	)		(963	)		139			14	%
Depreciation and amortization expenses		(182	)		(247	)		(181	)		66			36	%
Finance cost		(55	)		(75	)		(52	)		23			44	%
Other expenses		(3,509	)		(4,755	)		(3,751	)		1,004			27	%
Operational loss		(2,755	)		(3,735	)		(3,335	)		400			12	%
Impairment of goodwill		-			-			(664	)		(664	)		-100	%
Share-based compensation		(7,237	)		(9,807	)		-			9,807			100	%
Loss before income tax taxes		(9,992	)		(13,542	)		(3,999	)		9,543			239	%
Income tax expense		-			-			-			-			-
Net loss		(9,992	)		(13,542	)		(3,999	)		9,543			239	%

Revenue

	For the six months ended June 30,
	2024		2024		2023		Increase/(Decrease)
	US$’000		S$’000		S$’000		S$’000			%

Mobility		2,054		2,783		3,129		(346	)		-11	%
Quick commerce		72		98		86		12			14	%
Membership		227		308		313		(5	)		-2	%
Advertising initiatives		841		1,140		1,704		(564	)		-33	%
Others		35		47		-		47			100	%
Total revenue		3,229		4,376		5,232		(856	)		-16	%

In the first six months of 2024, total revenue from all income streams decreased by S$856,000 or 16% to S$4,376,000 compared to S$5,232,000 in the first six months of 2023.

Revenue from mobility decreased by S$346,000 or 11% to S$2,783,000 compared to S$3,129,000 in the first six months of 2023. The decline in the revenue mainly contributed by the transition to the 0% driver commission model.

In the first six months of 2024, the revenue from advertising initiatives decreased by S$564,000 mainly due to the lesser demand of advertising in the first six months of 2024.

Other income

	For the six months ended June 30,
	2024		2024		2023		Increase/(Decrease)
	US$’000		S$’000		S$’000		S$’000			%

Total other income		32		43		49		(6	)		-12	%

Other income decreased by S$6,000 or 12% to S$43,000 in the first six months of 2024, compared to S$49,000 in the first six months of 2023. The decrease was mainly due to the reduction in the government grants from the Singapore authorities.

Drivers and riders cost and related expenses

	For the six months ended June 30,
	2024		2024		2023		Increase/(Decrease)
	US$’000		S$’000		S$’000		S$’000			%

Total drivers and riders cost and related expenses		1,457		1,975		3,669		(1,694	)		-46	%

In the first six months of 2024, our drivers and riders cost and related expenses decreased by S$1,694,000 or 46% to S$1,975,000 compared to S$3,669,000 in the first six months of 2023. This decrease is mainly attributed to the ongoing effort to reduce the incentives for drivers and riders.

Employee benefits expenses

	For the six months ended June 30,
	2024		2024		2023		Increase/(Decrease)
	US$’000		S$’000		S$’000		S$’000		%

Total employee benefits expenses		813		1,102		963		139		14	%

Our employee benefits expenses increased by S$139,000 or 14% to S$1,102,000 in the first six months of 2024, compared to S$963,000 in the first six months of 2023. This was mainly due to the increase in the employee’s salaries and wages in the first six months of 2024.

Depreciation and amortization expenses

	For the six months ended June 30,
	2024		2024		2023		Increase/(Decrease)
	US$’000		S$’000		S$’000		S$’000		%

Total depreciation and amortization expenses		182		247		181		66		36	%

The depreciation and amortization expenses increased by S$66,000 or 36% to S$247,000 in the first six months of 2024, compared to S$181,000 in the first six months of 2023. This was mainly due to the increase in intangibles assets.

Finance expense

	For the six months ended June 30,
	2024		2024		2023		Increase/(Decrease)
	US$’000		S$’000		S$’000		S$’000		%

Total finance expense		55		75		52		23		44	%

Our finance expense increased by S$23,000 or 44% to S$75,000 in the first six months of 2024, compared to S$52,000 in the first six months of 2023. The increase of the finance expenses is primarily attributable by the unsecured note payable to third party and shareholder starting from April 2023.

Other expenses

	For the six months ended June 30,
	2024		2024		2023		Increase/(Decrease)
	US$’000		S$’000		S$’000		S$’000		%

Total other expenses		3,509		4,755		3,751		805		21	%

Our other expenses increased by S$805,000 or 21% to S$4,755,000 in the first six months of 2024, compared to S$3,751,000 in the first six months of 2023.This was mainly due to increase in legal and professional fees by S$1,165,000 or 101% to S$2,313,000 in the first six months of 2024, compared to S$1,148,000 in the first six months of 2023. The increase was partially offset by the decrease in marketing expenses by S$545,000 for the first six months of 2024.

Impairment of goodwill

	For the six months ended June 30,
	2024		2024		2023			Increase/(Decrease)
	US$’000		S$’000		S$’000			S$’000			%

Total impairment of goodwill		-		-		(664	)		(664	)		-100	%

In the first six months of 2023, an impairment of goodwill was recognized as a result of the carrying value exceeding the fair value of Meili Technologies Pte. Ltd.

Share-based compensation

	For six months ended June 30,
	2024		2024		2023		Increase/(Decrease)
	US$’000		S$’000		S$’000		S$’000		%

Total share-based compensation		7,237		9,807		-		9,807		100	%

In June 2024, the Company issued 1,500,00 Class A Ordinary Shares of the Company to certain consultants. The consulting services provided by the Consultants to the Company pursuant to the Consulting Agreements include: review and provide advice on the Company’s strategic plans; meet with focus groups and interested parties to discuss the Company’s strategic plans; provide advice on how best to position the Company and its subsidiaries in the future; propose potential acquisition targets for the Company and its subsidiaries; and assist in dealing with the corporate matters entrusted to the Consultants by the Company and its subsidiaries.

The fair value of the Class A Ordinary Shares issued to consultants was measured based on the closing market share price of US$4.84 per share.

During the six months ended June 30, 2024, the Company recognized share-based compensation of S$9,807,000 (US$7,237,000) in the consolidated statements of operations and comprehensive loss.

Liquidity and capital resources

Cash flow summary

	For six months ended June 30,
	2024			2024			2023			Increase/(Decrease)
	US$’000			S$’000			S$’000			S$’000			%

Cash and cash equivalents – beginning of the period		1,250			1,694			3,007			(1,313	)		-44	%

Net cash used in operating activities		(7,025	)		(9,522	)		(2,521	)		7,001			278	%
Net cash used in investing activities		(194	)		(263	)		(189	)		74			39	%
Net cash provided by financing activities		8,165			11,067			2,000			9,067			453	%
Net change in cash and cash equivalents		946			1,282			(710	)		1,992			281	%

Cash and cash equivalents – end of the period		2,196			2,976			2,297			679			30	%

Operating Activities

Net cash used in operating activities was S$9,522,000 for the six months ended June 30, 2024. This was mainly attributable to the net loss of S$13,542,000 adjusted for non-cash items which included depreciation of property and equipment, amortization of intangibles, debt issuance cost, and share-based payment expenses totaling S$10,223,000. This was partially offset against net cash outflows arising from the net change in operating assets and liabilities of S$6,203,000.

Net cash used in operating activities was S$2,521,000 for the six months ended June 30, 2023. This was mainly attributable to the net loss of S$3,999,000 adjusted for non-cash items which included depreciation of property and equipment, amortization of intangibles, debt issuance cost, and impairment loss of goodwill totaling S$890,000. This was partially offset against net cash inflows arising from the net change in operating assets and liabilities of S$588,000.

Investing Activities

Net cash flows used in investing activities was S$263,000 for the six months ended June 30, 2024. This was primarily due to the increase in intangible assets of S$263,000.

Net cash flows used in investing activities was S$189,000 for the six months ended June 30, 2023. This was primarily due to the increase in intangible assets of S$229,000 and the purchase of property and equipment of S$23,000. This was partially offset against net cash inflow from the acquisition of subsidiaries of S$63,000.

Financing Activities

Net cash provided by financing activities was S$11,067,000 for the six months ended June 30, 2024. This was contributed by the IPO proceeds of S$15,889,000 and proceeds from the note from a shareholder amounting to S$950,000. This was partially offset by the repayment of note from a shareholder and convertible loans of S$3,800,000 and S$1,972,000 respectively.

Net cash provided by financing activities was S$2,000,000 for the six months ended June 30, 2023. This was contributed by proceeds from the note from a shareholder amounting to S$2,000,000.

Off-Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements and do not have any holdings in variable interest entities.

Quantitative and Qualitative Disclosures about Market Risks

Concentrations and credit risk

Our primary exposure to credit risk arises from our operating activities, which primarily from our accounts receivables. We are not exposed to significant default risk from a single customer. We conduct credit evaluations on our customers and typically do not require collateral or other forms of security. In determining the allowance for doubtful accounts, we periodically assess the creditworthiness of our existing customers, primarily considering factors such as the age of the receivables and the specific credit risks associated with each customer.

Interest rate risk

Our primary exposure to interest rate risk primarily stems from our interest-bearing financial liabilities. We conduct regular reviews of our liabilities and closely monitor fluctuations in interest rates to ensure that our exposure remains within acceptable levels. We do not employ interest rate derivatives as a means to mitigate our interest rate risk.

Recent Developments

On August 2, 2024, the Company incorporated a new subsidiary in Singapore, namely RGTC Pte Ltd.

Non-US GAAP Financial Measures

This document include references to non-US GAAP financial measures. Ryde uses these non-US GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and Ryde’s management believes that these non-IFRS financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring core business operating results. However, there are a number of limitations related to the use of non-US GAAP financial measures, and as such, the presentation of these non-US GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with US GAAP. In addition, these non-US GAAP financial measures may differ from non-US GAAP financial measures with comparable names used by other companies. See below for additional explanations about the non-US GAAP financial measures, including their definitions and a reconciliation of these measures to the most directly comparable US GAAP financial measures.

Explanation of non-IFRS financial measures:

Adjusted EBITDA is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance cost, (b) income tax expenses, (c) depreciation and amortization, (d) share-based compensation, (e) impairment loss on goodwill, and (f) share listing and associated expenses.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP measure see the section titled “Reconciliation of Non-IFRS Financial Measures”.

Reconciliation of Non-IFRS Financial Measures

To supplement our financial information, we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-IFRS financial measures in conjunction with their respective related US GAAP financial measures.

The following tables provide reconciliations of Adjusted EBITDA.

	For the six months ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Net loss		(3,999	)		(13,542	)		(9,992	)
Depreciation and amortization expenses		181			247			182
Finance costs		52			75			55
Impairment of goodwill		664			-			-
Share listing and associated expenses		1,063			1,809			1,335
Share-based compensation		-			9,807			7,237
Adjusted EBITDA		(2,039	)		(1,604	)		(1,183	)

Exhibit 99.3

Ryde Reports First Half 2024 Results, Positions for Accelerate Growth

SINGAPORE, October 23, 2024 – Ryde Group Ltd (NYSE American: RYDE) (“Ryde” or the “Company”), a leading technology platform for mobility and quick commerce headquartered in Singapore, today announced the financial results for the six months ended June 30, 2024 (“1H 2024”).

Key Financial Highlights for First Half 2024:

●	Revenue: The Company reported revenue of S$4.4 million (US$3.2 million), down from S$5.2 million (US$3.9 million) in 1H 2023. While the transition to the 0% commission model in January 2024 resulted in a temporary decline in revenue, we are confident that this strategic decision will drive significant long-term growth by attracting more drivers. This revenue structure was introduced to boost driver-partners satisfaction and attract more driver-partners to the platform, positioning the Company for long-term sustainable growth despite the temporary impact on revenue 1H2024.

●	Adjusted EBITDA: The Company saw its adjusted EBITDA improve by 20%, the adjusted EBITDA deficit narrowed to S$1.6 million (US$1.2 million) in 1H2024. This improvement reflects Ryde’s ongoing efforts to optimise operational efficiency, achieved through a strategic reduction in driver-partner incentives and rider-related costs. These measures have contributed to a leaner cost structure, setting the company on a path towards profitability while continuing to create value for both driver-partners and riders.

First Half 2024 Milestones:

Ryde achieved several significant milestones in the first half of 2024, including:

●	NYSE American listing: In March 2024, becoming the first Singapore-based ride-hailing start-up to list on the NYSE American.

●	AI-powered app redesign: In May 2024, we made significant improvements to enhance user interface by focusing on current design trends, language, and the use of AI with a more intuitive navigation experience for the riders.

●	Dual listing on the Frankfurt (FSE) and Stuttgart (XSTU) Stock Exchanges under the symbol D0S: In June 2024, we successfully completed our secondary listing on the FSE and XSTU Stock Exchanges, strategically expanding our investor base and making our unique value proposition more accessible to the European markets.

●	Healthcare Partnership: In June 2024, we partnered with a leading Singapore telehealth provider to offer affordable healthcare services to driver-partners and their families, demonstrating Ryde’s commitment to driver well-being.

“The first half of 2024 was a period of strategic investment and transformation for Ryde,” said Terence Zou, Ryde’s Founder and Chief Executive Officer. “We have established a solid operational base by improving our adjusted EBITDA by 20% in 1H2024. Our 0% commission model and continued focus on building a fairer platform for all will create a sustainable competitive advantage and position us for accelerated growth.”

“Our fundamentals are strong and we are confident in our ability to continue growing and delivering value to our shareholders,” Mr. Zou concluded.

About Ryde Group Ltd

Ryde is a super mobility app founded in Singapore and recognised as the world’s FIRST on-demand carpooling app since 2014. As a publicly listed company on the NYSE, Ryde is reimagining the way people and goods move around by offering a full suite of services, including carpooling, private hire, taxi, and delivery. What distinguishes Ryde is its commitment to empowering private-hire and taxi partners by taking 0% commission, ensuring that drivers retain more of their hard-earned earnings. For more information, please visit https://rydesharing.com/.

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Contacts

For Media Relations:
Media Team
Ryde Group Ltd
Email: media@rydesharing.com

For Investor Relations:
Investor Relations Team
Ryde Group Ltd
Email: investor@rydesharing.com

Skyline Corporate Communications Group, LLC
Email: info@skylineccg.com

Non-US GAAP Financial Measures

Explanation of non-IFRS financial measures:

Reconciliation of Non-IFRS Financial Measures

The following tables provide reconciliations of Adjusted EBITDA.

	For the six months ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Net loss		(3,999	)		(13,542	)		(9,992	)
Depreciation and amortization expenses		181			247			182
Finance costs		52			75			55
Impairment of goodwill		664			-			-
Share listing and associated expenses		1,063			1,809			1,335
Share-based compensation		-			9,807			7,237
Adjusted EBITDA		(2,039	)		(1,604	)		(1,183	)

Unaudited Summary of Financial Results

Condensed Consolidated Statement of Operations and Comprehensive Loss

	For six months ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Revenue		5,232			4,376			3,229

Drivers and riders cost and related expenses		(3,669	)		(1,975	)		(1,457	)
Total expenses, net		(4,898	)		(6,136	)		(4,527	)
Operational loss		(3,335	)		(3,735	)		(2,755	)
Impairment of goodwill		(664	)		-			-
Share-based compensation		-			(9,807	)		(7,237	)
Loss before income taxes		(3,999	)		(13,542	)		(9,992	)
Income tax expense		-			-			-
Net loss		(3,999	)		(13,542	)		(9,992	)
Other comprehensive loss
Foreign currency translation adjustment		-			37			27
Total other comprehensive loss		(3,999	)		(13,505	)		(9,965	)
Less: Comprehensive loss attributable to non-controlling interest		(30	)		(12	)		(9	)
Comprehensive loss attributable to Ryde Group Ltd		(3,969	)		(13,493	)		(9,956	)

Net loss per share attributable to ordinary shareholders
Basic and diluted		(0.34	)		(0.81	)		(0.60	)

Weighted average number of ordinary shares used in computing net loss per share
Basic and diluted (‘000)		11,702			16,577			16,577

Condensed Consolidated Balance Sheet

	December 31, 2023			June 30, 2024		June 30, 2024
		S$’000			S$’000		US$’000
Assets
Current assets		4,463			7,284		5,375
Non-current assets		734			750		554
Total assets		5,197			8,034		5,929

Liabilities and shareholders’ equity
Liabilities
Current liabilities		12,587			4,882		3,602
Non-current liabilities		32			32		24
Non-current liabilities		12,619			4,914		3,626
Shareholders’ equity		(7,422	)		3,120		2,303
Total liabilities and shareholders’ equity		5,197			8,034		5,929

Cover	6 Months Ended
Cover	Jun. 30, 2024
Cover [Abstract]
Document Type	424B3
Amendment Flag	false
Entity Registrant Name	Ryde Group Ltd
Entity Central Index Key	0001971115

Interim Condensed Consolidated Balance Sheets (Unaudited)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Current assets
Cash and cash equivalents	$ 2,196,000	$ 2,976,000	$ 1,694,000
Accounts receivable, net	27,000	37,000	30,000
Deposits, prepaid expenses and other current assets	3,152,000	4,271,000	660,000
Deferred initial public offering ("IPO") costs			2,079,000
Total current assets	5,375,000	7,284,000	4,463,000
Non-current assets
Property and equipment, net	24,000	32,000	61,000
Intangible assets, net	530,000	718,000	673,000
Goodwill, net
Total non-current assets	554,000	750,000	734,000
TOTAL ASSETS	5,929,000	8,034,000	5,197,000
Current liabilities
Accounts payable	2,811,000	3,809,000	5,463,000
Accrued expenses and other current liabilities	773,000	1,048,000	1,922,000
Convertible loans			2,303,000
Note from a shareholder			2,850,000
Operating lease obligations	18,000	25,000	49,000
Total current liabilities	3,602,000	4,882,000	12,587,000
Non-current liabilities
Deferred tax liabilities	24,000	32,000	32,000
Total non-current liabilities	24,000	32,000	32,000
TOTAL LIABILITIES	3,626,000	4,914,000	12,619,000
SHAREHOLDERS’ EQUITY
Ordinary shares, US$0.0002 of nominal or par value, 175,000,000 Class A Ordinary Shares and 75,000,000 Class B Ordinary Shares authorized, 17,339,871 Class A Ordinary Shares as of June 30, 2024 (2023: 12,571,044) and 3,542,400 Class B Ordinary Shares issued and outstanding for both periods	4,000	6,000	4,000
Additional paid-in capital	31,514,000	42,708,000	18,663,000
Accumulated deficit	(29,089,000)	(39,423,000)	(25,893,000)
Foreign currency translation reserve	(59,000)	(80,000)	(117,000)
(Deficit)/Equity attributable to owners of the Company	2,370,000	3,211,000	(7,343,000)
Non-controlling interests	(67,000)	(91,000)	(79,000)
Total shareholders' (deficit)/equity	2,303,000	3,120,000	(7,422,000)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 5,929,000	$ 8,034,000	$ 5,197,000

Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Ordinary shares, par value	$ 0.0002	$ 0.0002
Common Class A [Member]
Ordinary shares, shares authorized	175,000,000	175,000,000
Ordinary shares, shares issued	17,339,871	12,571,044
Ordinary shares, shares outstanding	17,339,871	12,571,044
Common Class B [Member]
Ordinary shares, shares authorized	75,000,000	75,000,000
Ordinary shares, shares issued	3,542,400	3,542,400
Ordinary shares, shares outstanding	3,542,400	3,542,400

Interim Condensed Consolidated Statements of Operations And Comprehensive Loss (Unaudited) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 SGD ($) $ / shares shares	Jun. 30, 2023 SGD ($) $ / shares shares
Income Statement [Abstract]
Revenues	$ 3,229	$ 4,376,000	$ 5,232,000
Other income	32	43,000	49,000
Drivers and riders cost and related expenses	(1,457)	(1,975,000)	(3,669,000)
Employee benefits expenses	(813)	(1,102,000)	(963,000)
Depreciation and amortization expenses	(182)	(247,000)	(181,000)
Finance costs	(55)	(75,000)	(52,000)
Other expenses	(3,509)	(4,755,000)	(3,751,000)
Operational loss before income taxes	(2,755)	(3,735,000)	(3,335,000)
Impairment of goodwill			(664,000)
Share-based compensations	(7,237)	(9,807,000)
Loss before income taxes	(9,992)	(13,542,000)	(3,999,000)
Income tax expense
Net loss	(9,992)	(13,542,000)	(3,999,000)
Less: Net loss attributable to non-controlling interest	(9)	(12,000)	(30,000)
Net loss attributable to Ryde Group Ltd	(9,983)	(13,530,000)	(3,969,000)
Net loss	(9,992)	(13,542,000)	(3,999,000)
Other comprehensive loss
Foreign currency translation adjustment	27	37,000
Total other comprehensive loss	(9,965)	(13,505,000)	(3,999,000)
Less: Comprehensive loss attributable to non-controlling interest	(9)	(12,000)	(30,000)
Comprehensive loss attributable to Ryde Group Ltd	$ (9,956)	$ (13,493,000)	$ (3,969,000)
Net loss per share attributable to ordinary shareholders
Net loss per share attributable to ordinary shareholders, Basic \| (per share)	$ (0.60)	$ (0.81)	$ (0.34)
Net loss per share attributable to ordinary shareholders, Diluted \| (per share)	$ (0.60)	$ (0.81)	$ (0.34)
Weighted average number of ordinary shares used in computing net loss per share
Weighted average number of ordinary shares used in computing net loss per share, Basic	16,577	16,577	11,702
Weighted average number of ordinary shares used in computing net loss per share, Diluted	16,577	16,577	11,702

Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
shares in Thousands, $ in Thousands, $ in Thousands

Common Stock [Member]

Common Class B [Member]

USD ($)

Common Stock [Member]

Common Class B [Member]

SGD ($)

Common Stock [Member]

Common Class A [Member]

Additional Paid-in Capital [Member]

USD ($)

Additional Paid-in Capital [Member]

SGD ($)

Retained Earnings [Member]

USD ($)

Retained Earnings [Member]

SGD ($)

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

USD ($)

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

SGD ($)

AOCI Attributable to Parent [Member]

USD ($)

AOCI Attributable to Parent [Member]

SGD ($)

Noncontrolling Interest [Member]

USD ($)

Noncontrolling Interest [Member]

SGD ($)

USD ($)

SGD ($)

Balance at Dec. 31, 2022 | $

$ 3

$ 8,101

$ (13,066)

$ (4,962)

$ (37)

$ (4,999)

Balance, shares at Dec. 31, 2022 | shares

3,543

8,159

Net loss | $

(3,969)

(30)

(3,999)

Balance at Jun. 30, 2023 | $

$ 3

8,101

(17,035)

(8,931)

(67)

(8,998)

Balance, shares at Jun. 30, 2023 | shares

3,543

8,159

Balance at Dec. 31, 2023 | $

$ 4

18,663

(25,893)

(117)

(7,343)

(79)

(7,422)

Balance, shares at Dec. 31, 2023 | shares

3,543

12,571

Net loss

(13,530)

(13,493)

(12)

$ (9,965)

(13,505)

Conversion of convertible loan from third parties | $

^[1]

372

Conversion of convertible loan from third parties, shares | shares

Share-based compensation | $

$ 1

9,863

9,864

Share-based compensation, shares | shares

1,500

Issuance of new Class A Shares | $

$ 1

13,810

13,811

Issuance of new Class A Shares, shares | shares

3,200

Balance at Jun. 30, 2024

$ 4

$ 6

$ 31,514

$ 42,708

$ (29,089)

$ (39,423)

$ (59)

$ (80)

$ 2,370

$ 3,211

$ (67)

$ (91)

$ 2,303

$ 3,120

Balance, shares at Jun. 30, 2024 | shares

3,543

17,339

[1]	Amount less than S$1,000.

Interim Condensed Consolidated Statements of Cash Flows (Unaudited)	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (9,992,000)	$ (13,542,000)	$ (3,999,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization	161,000	218,000	150,000
Depreciation	21,000	29,000	31,000
Amortization of debt issuance cost	11,000	15,000	45,000
Interest expense	44,000	60,000
Impairment of goodwill			664,000
Share-based payment expenses	7,237,000	9,807,000
Net effect of exchange rates changes	69,000	94,000
Changes in assets and liabilities:
Accounts receivable, net	(5,000)	(7,000)	68,000
Deposits, prepaid expenses and other current assets	(2,665,000)	(3,612,000)	(163,000)
Accounts payable	(1,221,000)	(1,654,000)	773,000
Accrued expenses and other current liabilities	(667,000)	(905,000)	(90,000)
Operating lease obligations	(18,000)	(25,000)
Net cash used in operating activities	(7,025,000)	(9,522,000)	(2,521,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of plant and equipment			(23,000)
Additions in intangible assets	(194,000)	(263,000)	(229,000)
Cash acquired from acquisition of subsidiaries			63,000
Net cash used in investing activities	(194,000)	(263,000)	(189,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of new Class A Shares	11,723,000	15,889,000
Proceeds from note from a shareholder	701,000	950,000	2,000,000
Repayments of note from a shareholder	(2,804,000)	(3,800,000)
Repayments of convertible loans	(1,455,000)	(1,972,000)
Net cash provided by financial activities	8,165,000	11,067,000	2,000,000
Net change in cash and cash equivalents	946,000	1,282,000	(710,000)
Cash and cash equivalents at beginning of year	1,250,000	1,694,000	3,007,000
Cash and cash equivalents at end of period	2,196,000	2,976,000	2,297,000
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	44,000	60,000
Cash paid for income tax
Non-cash investing activities:
Non-cash transactions from acquisition of subsidiaries			$ 600,000

Organization and business overview

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and business overview

1	Organization and business overview

Ryde Group Ltd, and its subsidiaries are collectively referred to as the “Group” or “Ryde”.

The Company is headquartered in Singapore.

The condensed consolidated interim financial statements of the Company include the following entities:

Name	Date of incorporation	Percentage of direct or indirect interests	Place of incorporation	Principal activities

Ryde Group (BVI) Limited	February 22, 2023	100%	British Virgin Islands	Investment holding
RGT (BVI)	May 14, 2024	100%	British Virgin Islands	Investment holding
RCS (BVI) Ltd	May 14, 2024	100%	British Virgin Islands	Investment holding
Ryde Technologies Pte. Ltd.	September 2, 2014	99.26%	Singapore	Mobility and quick commerce solutions
Meili Technologies Pte. Ltd.	November 30, 2020	99.26%	Singapore	Quick Commerce solutions
Meili Technologies Malaysia Sdn. Bhd.	December 16, 2021	99.26%	Malaysia	Dormant

The major rights, preferences and privileges of the Class A and Class B Ordinary Shares are as follows:

Conversion rights

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1	Organization and business overview (continued)

Dividend rights

No dividends on ordinary shares have been declared for the period/year ended June 30, 2024 and December 31, 2023.

Liquidation preferences

Voting rights

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of significant accounting policies

2	Summary of significant accounting policies

Basis of presentation

Consolidation

Liquidity

To sustain its ability to support the Company’s operating activities, the Company considered supplementing its sources of funding through the following:

	●	cash and cash equivalents generated from operations;
	●	other available sources of financing from Singapore banks and other financial institutions;
	●	financial support from the Company’s related parties and shareholders;
	●	issuance of additional convertible notes; and
	●	obtaining funds through a future raise debt and equity.

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Foreign currency translation and transaction

Convenience translation

Cash and cash equivalents

Cash and cash equivalents represent cash in bank and are unrestricted as to withdrawal or use.

Accounts receivable,net

Deposits, prepaid expenses and other current assets

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Use of estimates

Provision for expired credit

Property and equipment, net

	Computer	3 years
	Office equipment	3 years
	Renovations	3 years
	Operating lease right-of-use assets	2 years

Intangible assets, net

Developed technology

Business combinations

Goodwill

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Impairment of long-lived assets

Operating lease right-of-use assets

Fair value measurements

	Level 1 -	observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2 -	other inputs that are directly or indirectly observable in the marketplace.
	Level 3 -	unobservable inputs which are supported by little or no market activity.

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Revenue recognition

Mobility and quick commerce arrangement

Principle vs Agent consideration

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Revenue recognition (continued)

Mobility and quick commerce

Incentive to consumers

Revenue from Advertising

Membership

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Segments

Concentrations and credit risk

As of June 30, 2024 and December 31, 2023, the Company’s assets were located in Singapore and the Company’s revenue was principally derived in Singapore.

Employee benefits

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

Share-based compensation

Awards classified in equity under ASC 718 that may be subject to temporary equity classification include:

	●	Shares with a repurchase feature that the employee can exercise only after the shares have been vested for at least six months, as well as options on such shares.
	●	Shares that have a contingent repurchase feature that is outside the control of the employee and the entity if it is currently probable that the contingency would not occur. Examples include shares redeemable only on the occurrence of a liquidity event, such as a change of control.
	●	Options that have a contingent cash-settlement provision not within the employee’s or the entity’s control if it is not currently probable that the contingency would occur.

Related parties

Income taxes

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the six months ended June 30, 2024 and 2023.

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Government grants

The following is a description of the government grants the Company have received:

		●	The Jobs Growth Incentive (“JGI”): To support employers to expand local hiring from September 2020 to March 2023. The duration of JGI support will vary depending on when the local hire was hired and the characteristics of the local hire.
		●	The Progressive Wage Credit Scheme: It was introduced in Singapore Budget 2022 to provide transitional wage support for employers to adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements and voluntarily raise wages of lower-wage workers.
		●	CPF Transition Offset: Transitory wage offsets provided by the Government equivalent to 50% of each year’s increase in employer CPF contribution rates for every Singaporean and Permanent Resident employee aged above 55 to 70 to alleviate the rise in business costs due to the increase in CPF contribution rates for senior workers.
		●	Government-Paid Leave schemes: Leave schemes provided by the Government to support parents in having and raising children by reimbursing the companies for leaves taken by eligible employees.

Earnings (loss) per share

Interest rate risk

Commitments and Contingencies

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Recent Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Deposits, prepaid expenses and other current assets

6 Months Ended

Jun. 30, 2024

Deposits Prepaid Expenses And Other Current Assets

Deposits, prepaid expenses and other current assets

3	Deposits, prepaid expenses and other current assets

	December 31, 2023		June 30, 2024		June 30, 2024
	S$’000		S$’000		US$’000

Deposits		209		209		154
Prepayments		120		3,653		2,696
Other receivables		173		259		191
Provision for expired credits		158		150		111
		660		4,271		3,152

Property and equipment, net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net

4	Property and equipment, net

Schedule of property and equipment, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Computer		81			72			53
Office		1			1			1
Operating lease right-of-use assets		96			96			71
Total		178			169			125
Less: accumulated depreciation		(117	)		(137	)		(101	)
Net book value		61			32			24

Depreciation expense for the six months ended June 30, 2024 and 2023 was S$29,000 (US$21,000) and S$31,000 respectively.

Intangible assets, net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

5	Intangible assets, net

Schedule of intangible assets, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Developed technology		3,140			3,403			2,511
Others		5			5			4
Total		3,145			3,408			2,515
Less: accumulated amortization		(2,472	)		(2,690	)		(1,985	)
Net book value		673			718			530

The Company’s estimated aggregate future amortization expenses for intangible assets subject to amortization as of June 30, 2024, as follows:

	June 30, 2024
	US$’000

July to December 2024		211
Financial year ending 2025 to 2027		501

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Goodwill, net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, net

6	Goodwill, net

Schedule of goodwill, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Acquisition		664			664			490
Goodwill impairment		(664	)		(664	)		(490	)
Total goodwill net		-			-			-

Acquisition of Meili Technologies Pte. Ltd. and its subsidiaries (“Meili Group”)

The following table summarizes the fair value of the assets acquired and liabilities assumed as of February 20, 2023:

	S$’000

Cash and cash equivalents		63
Accounts receivable, net		12
Deposits, prepaid expenses and other current assets		76
Total identifiable assets acquired		151
Total liabilities assumed		(215	)
Net liabilities acquired		(64	)
Goodwill		664
Total acquisition consideration		600

The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill.

Goodwill Impairment

Related party transactions and balances

6 Months Ended

Jun. 30, 2024

Related party transactions and balances

7	Related party transactions and balances

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate.

The table below sets forth the major related parties and their relationships with the Company as of June 30, 2024 and December 31, 2023:

Name of related parties		Relationship with the Company
DLG Ventures Pte. Ltd.		Shareholder

i) Significant transactions with related parties were as follows:

	2023		2024		2024
	For the six-month ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Interest expense on note from a shareholder		4		37		27

ii) Significant balances with related parties were as follows:

December 31, 2023

June 30, 2024

June 30, 2024

S$’000

US$’000

Related parties

Note from a shareholder

2,850

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Convertible loans

6 Months Ended

Jun. 30, 2024

Short-Term Debt [Abstract]

Convertible loans

8	Convertible loans

	December 31, 2023			June 30, 2024		June 30, 2024
	S$’000			S$’000		US$’000

Convertible loan from noteholders (a)		368			-		-
Convertible loans (b)		1,950			-		-
Debt issuance cost (b)		(15	)		-		-
Convertible loan		2,303	)		-		-
Less: Current portion		(2,303	)		-		-
Non-current portion		-			-		-

(a)

Convertible loan from noteholders

(b)

Convertible loan from third parties

The convertible loan as of December 31, 2023 are set out below:

Schedule of convertible loan

Loan

Currency

Period

Interest rate per annum

Guarantees

Other

security

Carrying amount

(S$’000)

Carrying amount

(US$’000)

Unsecured fixed rate convertible loan

SGD

24-month

Nil

1,935

1,467

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note from a shareholder

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Note from a shareholder

9	Note from a shareholder

December 31, 2023

June 30, 2024

S$’000

US$’000

Current

Note from a shareholder

2,850

The note from a shareholder as of December 31, 2023 are set out below:

Schedule of notes from shareholder

Note

Currency

Period

Interest rate per annum

Guarantees

Other security

Carrying amount

(S$’000)

Carrying amount

(US$’000)

Unsecured fixed rate note

SGD

12-month

Nil

2,000

1,516

Unsecured fixed rate note

SGD

6-month

Nil

850

644

Operating lease obligation

6 Months Ended

Jun. 30, 2024

Operating Lease Obligation

Operating lease obligation

10	Operating lease obligation

Schedule of operating lease obligation

December 31, 2023

June 30, 2024

June 30, 2024

S$’000

US$’000

Current portion

The Company’s commitment for minimum lease payments under the operating lease that is within twelve months as of June 30, as follow:

Schedule of maturities lease payments

Twelve months ending June 30,	Minimum lease payment
	US$’000

2025		19
Total future lease payment		19
Amount representing interest		(1	)
Present value of operating lease liabilities		18
Less: current portion		(18	)
Non-current portion		-

The following summarizes other supplemental information about the Company’s operating leases as of June 30, 2024:

Summary of supplemental operating lease

Weighted average discount rate			5	%
Weighted average remaining lease term (years)			0.58

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Income taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income taxes

11	Income taxes

Caymans and BVIs

Singapore

Malaysia

The income tax provision in both current and deferred portions are nil for the six months ended June 30, 2024 and 2023, respectively.

A reconciliation between the Group’s actual provision for income tax and the provision at the respective statutory rate was as follows:

Schedule of provision for income tax

	2023			2024			2024
	For the six-month ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Loss before income taxes		(3,999	)		(13,542	)		(9,992	)

Tax at the domestic rates applicable to profit or loss in the countries where the Group operates		(680	)		(268	)		(198	)
Reconciling items:
Non-deductible expenses		144			42			31
Government grant not subject to tax		(6	)		(5	)		(4	)
Valuation allowance for tax losses		545			226			167
Others		(3	)		5			4
Tax charge		-			-			-

Significant components of the Company’s deferred tax balances as of June 30, 2024 and December 31, 2023 are as follows:

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000
Deferred tax assets
Tax losses carry forwards		2,635			2,079			1,534
Less: Valuation allowance		(2,635	)		(2,079	)		(1,534	)
Total deferred tax assets		-			-			-

Deferred tax liabilities
Total deferred tax liabilities		32			32			24

Deferred tax liability in relating to the fair value of intangible assets arising from the acquisition of Meili Technologies Pte. Ltd.

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11	Income taxes (continued)

As of June 30, 2024, the open tax year for our entities in Singapore and Malaysia is the tax year 2023.

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

12	Revenue

Schedule of revenue

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Mobility		3,129		2,783		2,054
Quick commerce		86		98		72
Membership		313		308		227
Advertising initiative		1,704		1,140		841
Others		-		47		35
Revenue		5,232		4,376		3,229

Other income

6 Months Ended

Jun. 30, 2024

Other Income

Other income

13	Other income

Schedule of other income

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Government grants		35		28		21
Others		14		15		11
Other income		49		43		32

Other expenses

6 Months Ended

Jun. 30, 2024

Other Expenses

Other expenses

14	Other expenses

Schedule of other expenses

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Information technology expenses		587		684		505
Legal and professional fees		1,148		2,313		1,707
Marketing and advertising		1,919		1,374		1,014
Rental		21		3		2
Others		76		381		281
Total Other expenses		3,751		4,755		3,509

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Share-based compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based compensation

15	Share-based compensation

	2023		2024		2024
	For the six-month ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Share-based compensation		-		9,807		7,237

The fair value of the Class A Ordinary Shares issued to consultants was measured based on the closing market share price of US$4.84 per share.

During the period ended June 30, 2024, the Company recognized share-based compensation of S$9,807,000 (US$7,237,000) in the consolidated statements of operations and comprehensive loss.

Loss per share

6 Months Ended

Jun. 30, 2024

Net loss per share attributable to ordinary shareholders

Loss per share

16	Loss per share

The following table sets forth the computation of basic and diluted loss per share attributable to ordinary shareholders for the six months ended June 30, 2024 and 2023 (in thousands):

	2023			2024			2024
	For the six months ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Net loss and other comprehensive loss		(3,999	)		(13,505	)		(9,965	)
Less: Comprehensive loss attributable to non-controlling interest		(30	)		(12	)		(9	)
Comprehensive loss for the period attributable to Ryde Group Ltd		(3,969	)		(13,493	)		(9,956	)

Basic weighted-average ordinary shares outstanding		11,702			16,577			16,577

Basic and diluted loss per share attributable to Ryde Group Ltd		(0.34	)		(0.81	)		(0.60	)

	June 30, 2023		June 30, 2024

Convertible shares for loan from third parties		587		-

Subsequent events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent events

17	Subsequent events

(a) Incorporation of a new subsidiary

On August 2, 2024, the Company incorporated a new subsidiary in Singapore, namely RGTC Pte Ltd.

(b) Issuance of new shares to Maxim Partners LLC

Summary of significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

Consolidation

Consolidation

Liquidity

Liquidity

To sustain its ability to support the Company’s operating activities, the Company considered supplementing its sources of funding through the following:

	●	cash and cash equivalents generated from operations;
	●	other available sources of financing from Singapore banks and other financial institutions;
	●	financial support from the Company’s related parties and shareholders;
	●	issuance of additional convertible notes; and
	●	obtaining funds through a future raise debt and equity.

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Foreign currency translation and transaction

Foreign currency translation and transaction

Convenience translation

Convenience translation

Cash and cash equivalents

Cash and cash equivalents

Cash and cash equivalents represent cash in bank and are unrestricted as to withdrawal or use.

Accounts receivable,net

Accounts receivable,net

Deposits, prepaid expenses and other current assets

Deposits, prepaid expenses and other current assets

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Use of estimates

Use of estimates

Provision for expired credit

Provision for expired credit

Property and equipment, net

Property and equipment, net

	Computer	3 years
	Office equipment	3 years
	Renovations	3 years
	Operating lease right-of-use assets	2 years

Intangible assets, net

Intangible assets, net

Developed technology

Business combinations

Goodwill

Goodwill

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Impairment of long-lived assets

Impairment of long-lived assets

Operating lease right-of-use assets

Operating lease right-of-use assets

Fair value measurements

Fair value measurements

	Level 1 -	observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2 -	other inputs that are directly or indirectly observable in the marketplace.
	Level 3 -	unobservable inputs which are supported by little or no market activity.

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Revenue recognition

Revenue recognition

Mobility and quick commerce arrangement

Principle vs Agent consideration

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Revenue recognition (continued)

Mobility and quick commerce

Incentive to consumers

Revenue from Advertising

Membership

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Segments

Segments

Concentrations and credit risk

Concentrations and credit risk

As of June 30, 2024 and December 31, 2023, the Company’s assets were located in Singapore and the Company’s revenue was principally derived in Singapore.

Employee benefits

Employee benefits

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

Share-based compensation

Share-based compensation

Awards classified in equity under ASC 718 that may be subject to temporary equity classification include:

	●	Shares with a repurchase feature that the employee can exercise only after the shares have been vested for at least six months, as well as options on such shares.
	●	Shares that have a contingent repurchase feature that is outside the control of the employee and the entity if it is currently probable that the contingency would not occur. Examples include shares redeemable only on the occurrence of a liquidity event, such as a change of control.
	●	Options that have a contingent cash-settlement provision not within the employee’s or the entity’s control if it is not currently probable that the contingency would occur.

Related parties

Related parties

Income taxes

Income taxes

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the six months ended June 30, 2024 and 2023.

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Government grants

Government grants

The following is a description of the government grants the Company have received:

		●	The Jobs Growth Incentive (“JGI”): To support employers to expand local hiring from September 2020 to March 2023. The duration of JGI support will vary depending on when the local hire was hired and the characteristics of the local hire.
		●	The Progressive Wage Credit Scheme: It was introduced in Singapore Budget 2022 to provide transitional wage support for employers to adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements and voluntarily raise wages of lower-wage workers.
		●	CPF Transition Offset: Transitory wage offsets provided by the Government equivalent to 50% of each year’s increase in employer CPF contribution rates for every Singaporean and Permanent Resident employee aged above 55 to 70 to alleviate the rise in business costs due to the increase in CPF contribution rates for senior workers.
		●	Government-Paid Leave schemes: Leave schemes provided by the Government to support parents in having and raising children by reimbursing the companies for leaves taken by eligible employees.

Earnings (loss) per share

Earnings (loss) per share

Interest rate risk

Interest rate risk

Commitments and Contingencies

Commitments and Contingencies

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2	Summary of significant accounting policies (continued)

Recent Adopted Accounting Pronouncements

Recent Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Organization and business overview (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of financial statements of the company

The condensed consolidated interim financial statements of the Company include the following entities:

Name	Date of incorporation	Percentage of direct or indirect interests	Place of incorporation	Principal activities

Ryde Group (BVI) Limited	February 22, 2023	100%	British Virgin Islands	Investment holding
RGT (BVI)	May 14, 2024	100%	British Virgin Islands	Investment holding
RCS (BVI) Ltd	May 14, 2024	100%	British Virgin Islands	Investment holding
Ryde Technologies Pte. Ltd.	September 2, 2014	99.26%	Singapore	Mobility and quick commerce solutions
Meili Technologies Pte. Ltd.	November 30, 2020	99.26%	Singapore	Quick Commerce solutions
Meili Technologies Malaysia Sdn. Bhd.	December 16, 2021	99.26%	Malaysia	Dormant

Summary of significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of property and equipment estimated useful life

	Computer	3 years
	Office equipment	3 years
	Renovations	3 years
	Operating lease right-of-use assets	2 years

Deposits, prepaid expenses and other current assets (Tables)

6 Months Ended

Jun. 30, 2024

Deposits Prepaid Expenses And Other Current Assets

Schedule of deposits prepaid expenses and other current assets

	December 31, 2023		June 30, 2024		June 30, 2024
	S$’000		S$’000		US$’000

Deposits		209		209		154
Prepayments		120		3,653		2,696
Other receivables		173		259		191
Provision for expired credits		158		150		111
		660		4,271		3,152

Property and equipment, net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Computer		81			72			53
Office		1			1			1
Operating lease right-of-use assets		96			96			71
Total		178			169			125
Less: accumulated depreciation		(117	)		(137	)		(101	)
Net book value		61			32			24

Intangible assets, net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Developed technology		3,140			3,403			2,511
Others		5			5			4
Total		3,145			3,408			2,515
Less: accumulated amortization		(2,472	)		(2,690	)		(1,985	)
Net book value		673			718			530

Schedule of future amortization expenses for intangible assets

The Company’s estimated aggregate future amortization expenses for intangible assets subject to amortization as of June 30, 2024, as follows:

	June 30, 2024
	US$’000

July to December 2024		211
Financial year ending 2025 to 2027		501

Goodwill, net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill, net

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000

Acquisition		664			664			490
Goodwill impairment		(664	)		(664	)		(490	)
Total goodwill net		-			-			-

Summarizes fair value of the assets acquired and liabilities assumed

The following table summarizes the fair value of the assets acquired and liabilities assumed as of February 20, 2023:

	S$’000

Cash and cash equivalents		63
Accounts receivable, net		12
Deposits, prepaid expenses and other current assets		76
Total identifiable assets acquired		151
Total liabilities assumed		(215	)
Net liabilities acquired		(64	)
Goodwill		664
Total acquisition consideration		600

Related party transactions and balances (Tables)

6 Months Ended

Jun. 30, 2024

The table below sets forth the major related parties and their relationships with the Company as of June 30, 2024 and December 31, 2023:

Name of related parties		Relationship with the Company
DLG Ventures Pte. Ltd.		Shareholder

i) Significant transactions with related parties were as follows:

	2023		2024		2024
	For the six-month ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Interest expense on note from a shareholder		4		37		27

ii) Significant balances with related parties were as follows:

December 31, 2023

June 30, 2024

June 30, 2024

S$’000

US$’000

Related parties

Note from a shareholder

2,850

RYDE GROUP LTD

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Convertible loans (Tables)

6 Months Ended

Jun. 30, 2024

Short-Term Debt [Abstract]

Schedule of convertible loan from third parties

	December 31, 2023			June 30, 2024		June 30, 2024
	S$’000			S$’000		US$’000

Convertible loan from noteholders (a)		368			-		-
Convertible loans (b)		1,950			-		-
Debt issuance cost (b)		(15	)		-		-
Convertible loan		2,303	)		-		-
Less: Current portion		(2,303	)		-		-
Non-current portion		-			-		-

(a)

Convertible loan from noteholders

(b)

Convertible loan from third parties

Schedule of convertible loan

The convertible loan as of December 31, 2023 are set out below:

Schedule of convertible loan

Loan

Currency

Period

Interest rate per annum

Guarantees

Other

security

Carrying amount

(S$’000)

Carrying amount

(US$’000)

Unsecured fixed rate convertible loan

SGD

24-month

Nil

1,935

1,467

Note from a shareholder (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of notes from shareholder current

December 31, 2023

June 30, 2024

S$’000

US$’000

Current

Note from a shareholder

2,850

Schedule of notes from shareholder

The note from a shareholder as of December 31, 2023 are set out below:

Schedule of notes from shareholder

Note

Currency

Period

Interest rate per annum

Guarantees

Other security

Carrying amount

(S$’000)

Carrying amount

(US$’000)

Unsecured fixed rate note

SGD

12-month

Nil

2,000

1,516

Unsecured fixed rate note

SGD

6-month

Nil

850

644

Operating lease obligation (Tables)

6 Months Ended

Jun. 30, 2024

Operating Lease Obligation

Schedule of operating lease obligation

December 31, 2023

June 30, 2024

June 30, 2024

S$’000

US$’000

Current portion

Schedule of maturities lease payments

The Company’s commitment for minimum lease payments under the operating lease that is within twelve months as of June 30, as follow:

Schedule of maturities lease payments

Twelve months ending June 30,	Minimum lease payment
	US$’000

2025		19
Total future lease payment		19
Amount representing interest		(1	)
Present value of operating lease liabilities		18
Less: current portion		(18	)
Non-current portion		-

Summary of supplemental operating lease

The following summarizes other supplemental information about the Company’s operating leases as of June 30, 2024:

Summary of supplemental operating lease

Weighted average discount rate			5	%
Weighted average remaining lease term (years)			0.58

Income taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of provision for income tax

A reconciliation between the Group’s actual provision for income tax and the provision at the respective statutory rate was as follows:

Schedule of provision for income tax

	2023			2024			2024
	For the six-month ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Loss before income taxes		(3,999	)		(13,542	)		(9,992	)

Tax at the domestic rates applicable to profit or loss in the countries where the Group operates		(680	)		(268	)		(198	)
Reconciling items:
Non-deductible expenses		144			42			31
Government grant not subject to tax		(6	)		(5	)		(4	)
Valuation allowance for tax losses		545			226			167
Others		(3	)		5			4
Tax charge		-			-			-

Schedule of components of deferred tax balances

Significant components of the Company’s deferred tax balances as of June 30, 2024 and December 31, 2023 are as follows:

	December 31, 2023			June 30, 2024			June 30, 2024
	S$’000			S$’000			US$’000
Deferred tax assets
Tax losses carry forwards		2,635			2,079			1,534
Less: Valuation allowance		(2,635	)		(2,079	)		(1,534	)
Total deferred tax assets		-			-			-

Deferred tax liabilities
Total deferred tax liabilities		32			32			24

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of revenue

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Mobility		3,129		2,783		2,054
Quick commerce		86		98		72
Membership		313		308		227
Advertising initiative		1,704		1,140		841
Others		-		47		35
Revenue		5,232		4,376		3,229

Other income (Tables)

6 Months Ended

Jun. 30, 2024

Other Income

Schedule of other income

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Government grants		35		28		21
Others		14		15		11
Other income		49		43		32

Other expenses (Tables)

6 Months Ended

Jun. 30, 2024

Other Expenses

Schedule of other expenses

	2023		2024		2024
	For the six months ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Information technology expenses		587		684		505
Legal and professional fees		1,148		2,313		1,707
Marketing and advertising		1,919		1,374		1,014
Rental		21		3		2
Others		76		381		281
Total Other expenses		3,751		4,755		3,509

Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of share-based payment expenses

	2023		2024		2024
	For the six-month ended June 30,
	2023		2024		2024
	S$’000		S$’000		US$’000

Share-based compensation		-		9,807		7,237

Loss per share (Tables)

6 Months Ended

Jun. 30, 2024

Net loss per share attributable to ordinary shareholders

Schedule of computation of basic and diluted loss per share

The following table sets forth the computation of basic and diluted loss per share attributable to ordinary shareholders for the six months ended June 30, 2024 and 2023 (in thousands):

	2023			2024			2024
	For the six months ended June 30,
	2023			2024			2024
	S$’000			S$’000			US$’000

Net loss and other comprehensive loss		(3,999	)		(13,505	)		(9,965	)
Less: Comprehensive loss attributable to non-controlling interest		(30	)		(12	)		(9	)
Comprehensive loss for the period attributable to Ryde Group Ltd		(3,969	)		(13,493	)		(9,956	)

Basic weighted-average ordinary shares outstanding		11,702			16,577			16,577

Basic and diluted loss per share attributable to Ryde Group Ltd		(0.34	)		(0.81	)		(0.60	)

Schedule of antidilutive securities excluded from computation of earnings per share

	June 30, 2023		June 30, 2024

Convertible shares for loan from third parties		587		-

Schedule of financial statements of the company (Details)	6 Months Ended
	Jun. 30, 2024	May 05, 2023
Ryde Group (BVI) Limited [Member]
Date of incorporation	Feb. 22, 2023
Percentage of director or indirect interests	100.00%
Place of incorporation	British Virgin Islands
Principal activities	Investment holding
RGT (BVI) [Member]
Date of incorporation	May 14, 2024
Percentage of director or indirect interests	100.00%
Place of incorporation	British Virgin Islands
Principal activities	Investment holding
RCS (BVI) Ltd [Member]
Date of incorporation	May 14, 2024
Percentage of director or indirect interests	100.00%
Place of incorporation	British Virgin Islands
Principal activities	Investment holding
Ryde Technologies Pte. Ltd. [Member]
Date of incorporation	Sep. 02, 2014
Percentage of director or indirect interests	99.26%	99.26%
Place of incorporation	Singapore
Principal activities	Mobility and quick commerce solutions
Meili Technologies Pte. Ltd. [Member]
Date of incorporation	Nov. 30, 2020
Percentage of director or indirect interests	99.26%
Place of incorporation	Singapore
Principal activities	Quick Commerce solutions
Meili Technologies Malaysia Sdn. Bhd. [Member]
Date of incorporation	Dec. 16, 2021
Percentage of director or indirect interests	99.26%
Place of incorporation	Malaysia
Principal activities	Dormant

Organization and business overview (Details Narrative) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	May 05, 2023
Common Stock, dividends, declared	$ 0	$ 0
Common Class A [Member]
Common Stock, Shares, Issued	17,339,871	12,571,044
Common Class B [Member]
Common Stock, Shares, Issued	3,542,400	3,542,400
Common Class B [Member] \| Zou Junming Terence [Member]
Common Stock, Shares, Issued			176,640.8
Ryde Technologies Pte. Ltd. [Member]
Equity Method Investment, Ownership Percentage	99.26%		99.26%
Common Stock, Shares, Issued			4,503,985
Ryde Technologies Pte. Ltd. [Member] \| Common Class A [Member]
Common Stock, Shares, Issued			3,263,666
Ryde Technologies Pte. Ltd. [Member] \| Common Class B [Member]
Common Stock, Shares, Issued			1,240,319

Schedule of property and equipment estimated useful life (Details)	Jun. 30, 2024
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Renovations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Operating Lease Right of Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years

Summary of significant accounting policies (Details Narrative)		6 Months Ended
	Sep. 26, 2024 SGD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Subsequent Event [Line Items]
Net Cash Provided by (Used in) Operating Activities		$ 7,025,000	$ 9,522,000	$ 2,521,000
Working capital.		1,773,000			$ 2,402,000
Cash and Cash Equivalents, at Carrying Value		2,196,000			$ 2,976,000	$ 1,694,000
Gross proceeds from sale of equity		$ 11,723,000	$ 15,889,000
Foreign Currency Transactions, Description		SGD1.00 = USD0.7379	SGD1.00 = USD0.7379
Development technology useful life		3 years			3 years
Impairment of goodwill				664,000
Provident fund		$ 74,000	99,000	104,000
Dilutive securities			$ 0	$ 0
Subsequent Event [Member] \| Common Class A [Member] \| IPO [Member]
Subsequent Event [Line Items]
Offering units \| shares	5,300,000
Share price \| $ / shares	$ 0.85
Gross proceeds from sale of equity	$ 4,500,000

Schedule of deposits prepaid expenses and other current assets (Details) $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Deposits Prepaid Expenses And Other Current Assets
Deposits	$ 154	$ 209	$ 209
Prepayments	2,696	3,653	120
Other receivables		259	173
Other receivables	191
Provision for expired credits	111	150	158
Total deposits, prepaid expenses and other current assets	$ 3,152	$ 4,271	$ 660

Deposits, prepaid expenses and other current assets (Details Narrative)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Prepayments	$ 2,696,000	$ 3,653,000	$ 120,000
Consultants [Member] \| Consulting Agreements [Member]
Prepayments	$ 2,557,000	$ 3,465,000

Schedule of property and equipment, net (Details) $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Property, Plant and Equipment [Line Items]
Total	$ 125	$ 169	$ 178
Less: accumulated depreciation	(101)	(137)	(117)
Less: accumulated depreciation	(101)	(137)	(117)
Net book value	24	32	61
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	53	72	81
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	1	1	1
Operating Lease Right of Use Assets [Member]
Property, Plant and Equipment [Line Items]
Total	$ 71	$ 96	$ 96

Property and equipment, net (Details Narrative)	6 Months Ended
Property and equipment, net (Details Narrative)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 21,000	$ 29,000	$ 31,000

Schedule of intangible assets, net (Details) $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Finite-Lived Intangible Assets [Line Items]
Total	$ 2,515	$ 3,408	$ 3,145
Less: accumulated amortization	(1,985)	(2,690)	(2,472)
Net book value	530	718	673
Technology Equipment [Member]
Finite-Lived Intangible Assets [Line Items]
Total	2,511	3,403	3,140
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Total	$ 4	$ 5	$ 5

Schedule of future amortization expenses for intangible assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
July to December 2024	$ 211
Financial year ending 2025 to 2027	$ 501

Schedule of goodwill, net (Details) $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisition	$ 490	$ 664	$ 664
Goodwill impairment	(490)	(664)	(664)
Total goodwill net

Intangible assets, net (Details Narrative)	6 Months Ended
Intangible assets, net (Details Narrative)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expenses	$ 161,000	$ 218,000	$ 150,000
Weighted average remaining useful life	2 years 3 months	2 years 3 months

Summarizes fair value of the assets acquired and liabilities assumed (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)	Feb. 20, 2023 SGD ($)
Restructuring Cost and Reserve [Line Items]
Goodwill
Meili Technologies Pte. Ltd. [Member]
Restructuring Cost and Reserve [Line Items]
Cash and cash equivalents				$ 63
Accounts receivable, net				12
Deposits, prepaid expenses and other current assets				76
Total identifiable assets acquired				151
Total liabilities assumed				(215)
Net liabilities acquired				(64)
Goodwill				664
Total acquisition consideration				$ 600

Goodwill, net (Details Narrative)		6 Months Ended
Goodwill, net (Details Narrative)	Feb. 20, 2023	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Finite-Lived Intangible Assets [Line Items]
Percentage of discount to price per share	25.00%
Purchase consideration				$ 600,000
Goodwill, Impairment Loss				$ 664,000
Measurement Input, Discount Rate [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill measurement input		0.0612	0.0612
Measurement Input, Long-Term Revenue Growth Rate [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill measurement input		0.05	0.05
Measurement Input, Long-Term Revenue Growth Rate [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill measurement input		0.10	0.10
Measurement Input, Expected Dividend Rate [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill measurement input		0	0

Schedule of related party with their relationships and transactions (Details) $ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)	Dec. 31, 2023 SGD ($)	Jun. 30, 2024 SGD ($)
Related Party Transaction [Line Items]
Interest expense on note from a shareholder	$ 27	$ 37	$ 4
Note from a shareholder				$ 2,850
DLG Ventures Pte Ltd [Member]
Related Party Transaction [Line Items]
Relationship with the Company	Shareholder	Shareholder		Shareholder

Schedule of convertible loan from third parties (Details)
$ in Thousands

Jun. 30, 2024

USD ($)

Jun. 30, 2024

SGD ($)

Dec. 31, 2023

SGD ($)

Defined Benefit Plan Disclosure [Line Items]

Convertible loan

$ 2,303

Debt issuance cost

^[1]

(15)

Convertible loan, current

(2,303)

Convertible loan, Noncurrent

Noteholders [Member]

Defined Benefit Plan Disclosure [Line Items]

Convertible loan

^[2]

368

Third Parties [Member]

Defined Benefit Plan Disclosure [Line Items]

Convertible loan

^[1]

$ 1,950

[1]	Convertible loan from third parties
[2]	Convertible loan from noteholders

Schedule of convertible loan (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Short-Term Debt [Line Items]
Convertible debt				$ 2,303
Unsecured Fixed Rate Convertible Loan [Member]
Short-Term Debt [Line Items]
Debt Period	24 months
Debt Interest rate per annum	5.00%			5.00%
Debt Guarantees
Debt Other Security
Convertible debt	$ 1,467			$ 1,935

Convertible loans (Details Narrative)

1 Months Ended

Mar. 14, 2024

Jul. 11, 2023

SGD ($)

$ / shares

Sep. 30, 2023

Jun. 30, 2024

USD ($)

Jun. 30, 2024

SGD ($)

Dec. 31, 2023

SGD ($)

Convertible notes payable | $

$ 600,000

Convertible loan

$ 2,303,000

Third Parties [Member]

Convertible loan

^[1]

$ 1,950,000

Third Parties [Member] | Ryde Technologies Pte. Ltd. [Member]

Convertible loan | $

$ 1,950,000

Debt conversion amount | $

$ 3,250,000

Debt conversion shares issued | shares

1,155,350

Debt conversion price per share | $ / shares

$ 2.81

Ordinary share percentage

7.14%

Common Class A [Member]

Number of shares issued to noteholders | shares

68,478

38,251

Common Class A [Member] | Third Parties [Member]

Debt conversion shares issued | shares

1,155,350

[1]	Convertible loan from third parties

Schedule of notes from shareholder current (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Debt Disclosure [Abstract]
Note from a shareholder			$ 2,850

Schedule of notes from shareholder (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Short-Term Debt [Line Items]
Debt Period				$ 2,850
Unsecured Fixed Rate Note One [Member]
Short-Term Debt [Line Items]
Debt Period	12 months
Debt Interest rate per annum	12.00%			12.00%
Debt Guarantees
Debt Other Security
Debt Period	$ 1,516			$ 2,000
Unsecured Fixed Rate Note Two [Member]
Short-Term Debt [Line Items]
Debt Period	6 months
Debt Interest rate per annum	(0.00%)			(0.00%)
Debt Guarantees
Debt Other Security
Debt Period	$ 644			$ 850

Schedule of operating lease obligation (Details) $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Operating Lease Obligation
Current portion	$ 18	$ 25	$ 49

Schedule of maturities lease payments (Details) $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Operating Lease Obligation
2025	$ 19
Total future lease payment	19
Amount representing interest	(1)
Present value of operating lease liabilities	18
Less: current portion	(18)	$ (25)	$ (49)
Non-current portion

Summary of supplemental operating lease (Details)	Jun. 30, 2024
Operating Lease Obligation
Weighted average discount rate	5.00%
Weighted average remaining lease term (years)	6 months 29 days

Schedule of provision for income tax (Details) $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (9,992)	$ (13,542)	$ (3,999)
Tax at the domestic rates applicable to profit or loss in the countries where the Group operates	(198)	(268)	(680)
Reconciling items:
Non-deductible expenses	31	42	144
Government grant not subject to tax	(4)	(5)	(6)
Valuation allowance for tax losses	167	226	545
Others	4	5	(3)
Tax charge

Schedule of components of deferred tax balances (Details) $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Dec. 31, 2023 SGD ($)
Deferred tax assets
Tax losses carry forwards	$ 1,534	$ 2,079	$ 2,635
Less: Valuation allowance	(1,534)	(2,079)	(2,635)
Total deferred tax assets
Deferred tax liabilities
Total deferred tax liabilities	$ 24	$ 32	$ 32

Income taxes (Details Narrative) $ in Thousands	6 Months Ended
Income taxes (Details Narrative) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Effective Income Tax Rate Reconciliation [Line Items]
Taxable income	$ (198)	$ (268,000)	$ (680,000)
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Statutory income tax rate, percent	17.00%	17.00%
Taxable income, percent	75.00%	75.00%
Taxable income		$ 10,000
Taxable income exempted from income tax, percent	50.00%	50.00%
Taxable income exempted from income tax		$ 190,000
Foreign Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Statutory income tax rate, percent	24.00%	24.00%
Statutory income tax rate, description	the Company has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rates will be 15% on the first MYR 150,000, 17% on amount between MYR150,001 to MYR600,000, and 24% on amount exceeding MYR 600,000.	the Company has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rates will be 15% on the first MYR 150,000, 17% on amount between MYR150,001 to MYR600,000, and 24% on amount exceeding MYR 600,000.

Schedule of revenue (Details) $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Disaggregation of Revenue [Line Items]
Revenue	$ 3,229	$ 4,376	$ 5,232
Mobility [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,054	2,783	3,129
Quick Commerce [Member]
Disaggregation of Revenue [Line Items]
Revenue	72	98	86
Membership [Member]
Disaggregation of Revenue [Line Items]
Revenue	227	308	313
Advertising Initiatives [Member]
Disaggregation of Revenue [Line Items]
Revenue	841	1,140	1,704
Others [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 35	$ 47

Schedule of other income (Details) $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Other Income
Government grants	$ 21	$ 28	$ 35
Others	11	15	14
Total Other income	$ 32	$ 43	$ 49

Schedule of other expenses (Details) $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Other Expenses
Information technology expenses	$ 505	$ 684	$ 587
Legal and professional fees	1,707	2,313	1,148
Marketing and advertising	1,014	1,374	1,919
Rental	2	3	21
Others	281	381	76
Total Other expenses	$ 3,509	$ 4,755	$ 3,751

Schedule of share-based payment expenses (Details) $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SGD ($)	Jun. 30, 2023 SGD ($)
Share-Based Payment Arrangement [Abstract]
Share-based compensation	$ 7,237	$ 9,807

Share-based compensation (Details Narrative) - Common Class A [Member]	1 Months Ended	6 Months Ended
	Jun. 30, 2024 $ / shares shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 SGD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued price per share \| $ / shares	$ 4.84	$ 4.84
Share-Based Payment Arrangement, Expense		$ 7,237,000	$ 9,807,000
Consultants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
New shares issue \| shares	1,500,000

Schedule of computation of basic and diluted loss per share (Details) $ / shares in Units, $ / shares in Units, shares in Thousands, $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 SGD ($) $ / shares shares	Jun. 30, 2023 SGD ($) $ / shares shares
Net loss per share attributable to ordinary shareholders
Net loss and other comprehensive loss	$ (9,965)	$ (13,505)	$ (3,999)
Less: Comprehensive loss attributable to non-controlling interest	(9)	(12)	(30)
Comprehensive loss for the period attributable to Ryde Group Ltd	$ (9,956)	$ (13,493)	$ (3,969)
Basic weighted-average ordinary shares outstanding	16,577	16,577	11,702
Basic loss per share attributable to ordinary shareholders \| (per share)	$ (0.60)	$ (0.81)	$ (0.34)
Diluted loss per share attributable to ordinary shareholders \| (per share)	$ (0.60)	$ (0.81)	$ (0.34)

Schedule of antidilutive securities excluded from computation of earnings per share (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net loss per share attributable to ordinary shareholders
Convertible shares for loan from third parties		587

Subsequent events (Details Narrative) - Subsequent Event [Member] - IPO [Member] - SGD ($) $ / shares in Units, $ in Millions	Sep. 26, 2024	Sep. 12, 2024
Maxim Group LLC [Member]
Subsequent Event [Line Items]
Proceeds from offering	$ 4.5
Common Class A [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	5,300,000
Sale of Stock, Price Per Share	$ 0.85
Common Class A [Member] \| Maxim Group LLC [Member]
Subsequent Event [Line Items]
New shares issued		107,555
Sale of Stock, Number of Shares Issued in Transaction	5,300,000
Sale of Stock, Price Per Share	$ 0.85
Cash fee percentage	7.00%
Warrants and Rights Outstanding, Term	5 years