Latest news with #quickcommerce
Associated Press
3 days ago
- Business
- Associated Press
Ryde Discloses Receipt of Notice from NYSE American
SINGAPORE, SG / ACCESS Newswire / May 28, 2025 / Ryde Group Ltd (NYSE American:RYDE) ('Ryde' or the 'Company'), a leading technology platform for mobility and quick commerce headquartered in Singapore, announced that it received notice from the NYSE American LLC ('NYSE American') on May 21, 2025 that the Company was not in compliance with the continued listing standards set forth in Sections 1003(a)(ii) of the NYSE American Company Guide (the 'Company Guide'). Section 1003(a)(ii) applies if a listed company has stockholders' equity of less than US$4.0 million and has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. The Company reported stockholders' surplus of approximately US$2.8 million (S$3.9 million) as of December 31, 2024, and has reported net losses in three of its four most recent fiscal years ended December 31, 2024. The Company is also not currently eligible for any exemption in Section 1003(a) of the Company Guide from the stockholders' equity requirements. As a result, the Company has become subject to the procedures and requirements of Section 1009 of the Company Guide and must submit a plan to NYSE American by June 20, 2025 addressing how the Company intends to regain compliance with Section 1003(a)(ii) of the Company Guide by November 21, 2026. The Company intends to timely deliver a plan of compliance to NYSE American. If the Company does not submit a plan, or if the plan the Company submits is not accepted by NYSE American, the Company will be subject to delisting proceedings as specified in the Company Guide. In addition, if the plan is accepted by NYSE American, but the Company is not in compliance with the continued listing standards by November 21, 2026, or if the Company does not make progress consistent with the plan during the plan period, the Company will be subject to delisting proceedings. If the plan is accepted, the Company will also be subject to periodic NYSE American reviews, including quarterly monitoring for compliance with the plan. The Company's Class A voting shares will continue to be listed and trade on the symbol 'RYDE' while it attempts to regain compliance with all applicable continued listing standards. Receipt of the notice does not affect the Company's business, operations, financial or liquidity condition, or reporting requirements with the Securities and Exchange Commission. 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 American, 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 Contacts For Media Relations: Media Team Ryde Group Ltd Email: [email protected] For Investor Relations: Investor Relations Team Ryde Group Ltd Email: [email protected] Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute 'forward-looking statements' within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and expectations on the timing and completion of the offering. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' 'would' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors discussed in the 'Risk Factors' section of the final prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. SOURCE: Ryde Group Ltd press release
Entrepreneur
5 days ago
- Business
- Entrepreneur
Slikk Raises USD 10 Mn in Series A Led by Nexus Venture Partners
As it scales, Slikk will diversify into categories such as beauty and personal care (BPC), footwear, accessories and wearables, while extending its presence across key metros. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Slikk, a pioneering quick-commerce fashion platform, has raised USD 10 million in an all-equity Series A round led by Nexus Venture Partners, with Lightspeed returning as a key participant. This follows their earlier seed round of USD 3.2 million raised from Lightspeed in March this year. The newly secured funds will be deployed to expand Slikk's lifestyle offerings beyond fashion — into beauty, personal care, footwear, accessories, and wearables — and scale operations to more urban pin codes. Slikk will also roll out instant returns, further enhancing its hallmark promise of 60-minute doorstep delivery with unmatched customer convenience. Founded in 2023 by Akshay Gulati (CEO), Om Prakash Swami (CTO), and Bipin Singh (CPO), Slikk is reshaping e-commerce by merging speed, style, and service. The founding trio brings rich expertise in commerce and tech, now channelled into building a category-defining brand. "Slikk, since inception, has delivered a high-quality customer experience through our 60-minute delivery model," said CEO Akshay Gulati. "With this new round, we intend to double down on that promise and offer a significantly wider range of products and experiences to our customers." Serving a style-conscious demographic of college students, young professionals, and trend-driven urban shoppers, Slikk stands out with its Try & Buy model, allowing customers to try on clothing before committing, and enjoy instant refunds for seamless returns. Pratik Poddar, Partner at Nexus Venture Partners, shared, "Having watched quick commerce reshape India's consumer behavior, we firmly believe fashion is the definitive next frontier for digital disruption. The Slikk team's deep category insights and strategic execution are precisely what this moment demands." Rahul Taneja, Partner at Lightspeed, added, "We backed Slikk at the seed stage because their take on fashion commerce was refreshingly ahead of its time. We're happy to double down on our investment and support the team's continued growth." As it continues to redefine online fashion shopping, Slikk is not just delivering outfits — it's delivering a new standard in Indian e-commerce.
Japan Times
6 days ago
- Business
- Japan Times
In India's congested cities, delivery apps cash in
In India's sprawling financial hub of Mumbai, armies of "dabbawalas" have for decades crisscrossed the city by foot and bicycle, delivering home-cooked food to office workers who are keen to avoid the searing heat and traffic-snarled streets. Now, across the country, young entrepreneurs are taking that tradition to the next level with the explosion of shopping apps that allow customers to get hold of not only food and drink but anything else from clothes to iPhones — within minutes. The so-called quick commerce apps are redefining the retail game, not only disrupting e-commerce titans such as Amazon with their speed and efficiency but also long-established "mom and pop" stores that are no longer convenient enough. At a warehouse managed by online grocer BigBasket in central Mumbai, employees work with military-like precision to pull off deliveries in just 10 minutes. These warehouses are known within the industry as "dark stores," a reference to them being closed off to customers. When a new order is received, a worker leaps into action, darting through aisles filled with everything from fizzy drinks to vegetables, packing a bag of groceries handed to a motorbike rider — the modern-day dabbawala, Hindi for "lunchbox man." Local tech companies have poured in billions to set up these nifty logistical networks across big cities, fueling India's rapid shopping industry. 'Unprecedented' For millions of customers, it's an easy way to avoid shopping in the sweltering heat — visiting multiple food stalls — and spending hours navigating the country's notorious traffic jams. Growth has been "very strong," BigBasket cofounder Vipul Parekh said, pointing to forecasts that indicate a compounded annual growth rate of more than 60% over the next two to three years. "When you talk of a large industry transforming and growing at this pace, that is unprecedented," he said. Delivery apps such as Getir or Jokr have faltered in Europe and the United States in recent years, as pandemic-induced demand wore off and rising inflation pinched customer wallets. A rider leaves with customers' orders for delivery after collecting from a BigBasket warehouse in Mumbai on March 21. | AFP-JIJI But sales in India have soared from $100 million in 2020 to an estimated $6 billion in 2024, according to projections by market analysis firm Datum Intelligence. This could hit $40 billion by the end of the decade, according to investment bank JM Financial. Companies say India's quick commerce's growth is partly down to the sheer scale of people living in tight-packed cities within a roughly 2-kilometer radius of a "dark store," said Parekh. "The revenue potential in that catchment is very high," he said. A lack of many traditional supermarket grocery chains in India aid the business model, he said. Rinish Ravindra, a regular user, admits that they make him "lazy," but argues that the convenience is unbeatable. "I just press a bunch of keys and all of it comes delivered to home," says the 32-year-old, who works in Mumbai's film industry. Local players have made rapid progress but competition is heating up. Amazon is getting its act together, along with Walmart-owned Flipkart and billionaire Mukesh Ambani's Reliance Industries as they belatedly roll out rapid delivery offerings. "One of the problems with e-commerce players like Amazon is that, until now, they've relied on these big fulfillment centers that sit on the outside or outskirts of cities," said Satish Meena of Datum Intelligence. "These aren't suited for rapid delivery, which is why they now need to invest to build their own dark store networks within urban areas." 'Just order it online' However, a more crowded industry threatens the sustainability of a sector that has already seen one prominent start-up go bust. "My sense is that the market is good enough for two to three players," said Rahul Malhotra of Bernstein, a research firm, adding that the total addressable market may be worth around $50 billion to $60 billion. "Some of the early movers, with hyperlocal capabilities obviously, have an advantage here." The sector could also face challenges from thousands of small, family-run shops. The Confederation of All India Traders, a leading industry group that claims to represent over 90 million small businesses, has called for "a nationwide movement" against newer platforms. Its president likened quick commerce to being a "modern-day East India Company," a reference to the rapacious British power that began in the 17th century to seize swaths of India, preceding colonial rule. For now, customers are voting with their wallets. "When I think of groceries I think, 'I can just order it online,'" said Ravindra.
Malay Mail
6 days ago
- Business
- Malay Mail
Why India's 10-minute delivery race is eating e-commerce for lunch
MUMBAI, May 26 — In India's sprawling financial hub of Mumbai armies of 'dabbawalas' have for decades crisscrossed the city by foot and bicycle, delivering home-cooked food to office workers who are keen to avoid the searing heat and traffic-snarled streets. Now, across the country, young entrepreneurs are taking that tradition to the next level with the explosion of shopping apps that allow customers to get hold of not only food and drink but anything else from clothes to iPhones — within minutes. The so-called quick commerce apps are redefining the retail game, not only disrupting e-commerce titans such as Amazon with their speed and efficiency but also long-established 'mom and pop' stores which are no longer convenient enough. At a warehouse managed by online grocer BigBasket in central Mumbai, employees work with military-like precision to pull off deliveries in just 10 minutes. These warehouses are known within the industry as 'dark stores', a reference to being closed off to customers. When a new order is received, a worker leaps into action, darting through aisles filled with everything from fizzy drinks to vegetables, packing a bag of groceries handed to a motorbike rider — the modern-day 'dabbawala', Hindi for 'lunchbox man'. Local tech companies have poured in billions to set up these nifty logistical networks across big cities, fuelling India's rapid shopping industry. Riders wait to collect customers' orders for delivery at a BigBasket dark store in Mumbai March 21, 2025. — AFP pic 'Unprecedented' For millions of customers, it's an easy way to avoid shopping in the sweltering heat — visiting multiple food stalls — and spending hours navigating the country's notorious traffic jams. Growth has been 'very strong', BigBasket co-founder Vipul Parekh told AFP, pointing to forecasts that indicate a compounded annual growth rate of more than 60 percent over the next two to three years. 'When you talk of a large industry transforming and growing at this pace, that is unprecedented,' he said. Delivery apps such as Getir or Jokr have faltered in Europe and the United States in recent years, as pandemic-induced demand wore off and rising inflation pinched customer wallets. But sales in India have soared from US$100 million (RM423 million) in 2020 to an estimated US$6 billion in 2024, according to projections by market analysis firm Datum Intelligence. A worker scans items while preparing a customer's order for delivery at a BigBasket dark store in Mumbai March 21, 2025. — AFP pic This could hit US$40 billion by the end of the decade, according to investment bank JM Financial. Companies say India's quick commerce's growth is partly down to the sheer scale of people living in tight-packed cities within a roughly two kilometre (one mile) radius of a 'dark store', said Parekh. 'The revenue potential in that catchment is very high,' he said. A lack of many traditional supermarket grocery chains in India aid the business model, he said. Rinish Ravindra, a regular user, admits that they make him 'lazy', but argues that the convenience is unbeatable. 'I just press a bunch of keys and all of it comes delivered to home,' says the 32-year-old, who works in Mumbai's film industry. A rider arrives to collect a customer's order for delivery at a BigBasket dark store in Mumbai March 21, 2025. — AFP pic Local players have made rapid progress but competition is heating up. Amazon is getting its act together, along with Walmart-owned Flipkart and billionaire Mukesh Ambani's Reliance Industries as they belatedly roll out rapid delivery offerings. 'One of the problems with e-commerce players like Amazon is that, until now, they've relied on these big fulfilment centres that sit on the outside or outskirts of cities,' said Satish Meena of Datum Intelligence. 'These aren't suited for rapid delivery, which is why they now need to invest to build their own dark store networks within urban areas.' A rider collects a customer's order prepared for delivery at a BigBasket dark store in Mumbai March 21, 2025. — AFP pic 'Just order it online' However, a more crowded industry threatens the sustainability of the sector that has already seen one prominent start-up go bust. 'My sense is that the market is good enough for two to three players,' said Rahul Malhotra of Bernstein, a research firm, adding that the total addressable market may be worth around US$50-US$60 billion. 'Some of the early movers, with hyperlocal capabilities obviously, have an advantage here.' The sector could also face challenges from thousands of small, family-run shops. A rider leaves with customers' orders for delivery after collecting from a BigBasket dark store in Mumbai March 21, 2025. — AFP pic The Confederation of All India Traders, a leading industry group that claims to represent over 90 million small businesses, has called for 'a nationwide movement' against newer platforms. Its president likened quick commerce to being a 'modern-day East India Company', a reference to the rapacious British power that began in the 17th century to seize swathes of India, preceding colonial rule. For now, customers are voting with their wallets. 'When I think of groceries I think, 'I can just order it online',' said Ravindra. — AFP
Khaleej Times
6 days ago
- Business
- Khaleej Times
In India's congested cities, delivery apps cash in
In India's sprawling financial hub of Mumbai armies of "dabbawalas" have for decades crisscrossed the city by foot and bicycle, delivering home-cooked food to office workers who are keen to avoid the searing heat and traffic-snarled streets. Now, across the country, young entrepreneurs are taking that tradition to the next level with the explosion of shopping apps that allow customers to get hold of not only food and drink but anything else from clothes to iPhones — within minutes. The so-called quick commerce apps are redefining the retail game, not only disrupting e-commerce titans such as Amazon with their speed and efficiency but also long-established "mom and pop" stores which are no longer convenient enough. At a warehouse managed by online grocer BigBasket in central Mumbai, employees work with military-like precision to pull off deliveries in just 10 minutes. These warehouses are known within the industry as "dark stores", a reference to being closed off to customers. When a new order is received, a worker leaps into action, darting through aisles filled with everything from fizzy drinks to vegetables, packing a bag of groceries handed to a motorbike rider -- the modern-day "dabbawala", Hindi for "lunchbox man". Local tech companies have poured in billions to set up these nifty logistical networks across big cities, fuelling India's rapid shopping industry. 'Unprecedented' For millions of customers, it's an easy way to avoid shopping in the sweltering heat -- visiting multiple food stalls -- and spending hours navigating the country's notorious traffic jams. Growth has been "very strong", BigBasket co-founder Vipul Parekh told AFP, pointing to forecasts that indicate a compounded annual growth rate of more than 60 percent over the next two to three years. "When you talk of a large industry transforming and growing at this pace, that is unprecedented," he said. Delivery apps such as Getir or Jokr have faltered in Europe and the United States in recent years, as pandemic-induced demand wore off and rising inflation pinched customer wallets. But sales in India have soared from $100 million in 2020 to an estimated $6 billion in 2024, according to projections by market analysis firm Datum Intelligence. This could hit $40 billion by the end of the decade, according to investment bank JM Financial. Companies say India's quick commerce's growth is partly down to the sheer scale of people living in tight-packed cities within a roughly two kilometre (one mile) radius of a "dark store", said Parekh. "The revenue potential in that catchment is very high," he said. A lack of many traditional supermarket grocery chains in India aid the business model, he said. Rinish Ravindra, a regular user, admits that they make him "lazy", but argues that the convenience is unbeatable. "I just press a bunch of keys and all of it comes delivered to home," says the 32-year-old, who works in Mumbai's film industry. Local players have made rapid progress but competition is heating up. Amazon is getting its act together, along with Walmart-owned Flipkart and billionaire Mukesh Ambani's Reliance Industries as they belatedly roll out rapid delivery offerings. "One of the problems with e-commerce players like Amazon is that, until now, they've relied on these big fulfilment centres that sit on the outside or outskirts of cities," said Satish Meena of Datum Intelligence. "These aren't suited for rapid delivery, which is why they now need to invest to build their own dark store networks within urban areas." 'Just order it online' However, a more crowded industry threatens the sustainability of the sector that has already seen one prominent start-up go bust. "My sense is that the market is good enough for two to three players," said Rahul Malhotra of Bernstein, a research firm, adding that the total addressable market may be worth around $50-$60 billion. "Some of the early movers, with hyperlocal capabilities obviously, have an advantage here." The sector could also face challenges from thousands of small, family-run shops. The Confederation of All India Traders, a leading industry group that claims to represent over 90 million small businesses, has called for "a nationwide movement" against newer platforms. Its president likened quick commerce to being a "modern-day East India Company", a reference to the rapacious British power that began in the 17th century to seize swathes of India, preceding colonial rule. For now, customers are voting with their wallets. "When I think of groceries I think, 'I can just order it online'," said Ravindra.
