Mobility Commerce 'Ride' Plans KOSDAQ Listing

Mobility innovation company RIDE to launch KOSDAQ IPO... Aims to lead globally beyond EV platform RIDE, which started as an EV test drive app and is now changing the landscape of the mobility market, has signed an underwriting agreement with Shinhan Investment Corp. for its KOSDAQ listing, officially commencing its initial public offering (IPO) process. RIDE, which has garnered industry attention with a remarkable 550% revenue growth year-on-year, plans to demonstrate its consumer-centric innovative business model and technological prowess to the capital market through this listing. Beyond simple car commerce, RIDE has evolved into a mobility auto commerce platform that encompasses the entire car lifecycle, from test drives to purchase, maintenance, and finance. It is setting new standards for car purchases by transcending the limitations of existing distribution structures, offering customers differentiated experiences, transparent pricing, and reliable financial services. Notably, RIDE selected Shinhan Investment Corp. as its partner, which has distinguished itself in 2024 IPO underwriting performance, demonstrating deep trust in its expertise in the mobility sector. Established in 2020, RIDE rapidly grew with its 'RIDE NOW' app, the first mobile EV test drive reservation service in Korea. It achieved number one in the Google Play automotive app category in 2021 and ranked in the Top 5 for 12 consecutive weeks, receiving an enthusiastic market response from its early launch. Subsequently, by actively incorporating customer feedback, it advanced its maintenance and purchase linkage features and digitized full vehicle lifecycle services, driving explosive growth. Beyond the strengths of its online platform, RIDE is also focusing on strengthening its offline capabilities. It has secured expertise in maintenance and education by acquiring and merging with the vehicle maintenance company (formerly) Sky Auto Service and the automotive specialized education company (formerly) GMC. Through collaboration with leading partners such as Polestar Korea, KGM, rental car companies, and capital firms, it is robustly expanding its B2C and B2B supply chains. While laying the groundwork for its listing, RIDE is also actively pursuing investment. In the first half of this year, it secured a total of 5 billion won in Series A investment from IMM Investment, Infobank, Anda Asia, and others, accumulating 6.5 billion won in total investment. Based on this, it is accelerating platform technology advancement, expansion of nationwide maintenance infrastructure, and service coverage, thereby securing growth momentum. Lee Min-cheol, CEO of RIDE, stated, "RIDE, which has built a new consumer-centric vehicle distribution ecosystem, will demonstrate its business model and technological prowess to the capital market through this IPO," and revealed its vision and ambition to "grow into a company that leads the global mobility distribution market, beyond domestic EV commerce." With this listing as a stepping stone, RIDE is ready to lead innovation in the mobility market and leap forward as a global leader.