In a major strategic move to expand its footprint in the electric vehicle (EV) sector, Ryde Group Ltd has acquired a 40% stake in Atoll Discovery Pte Ltd, a leading Singapore-based EV rental company. This investment marks Ryde’s strongest commitment yet to green mobility and positions the company at the heart of Singapore’s clean transport revolution.
Atoll, founded in 2017 and led by automotive industry veteran Steven Kwek, operates a fleet of nearly 100 fully electric BYD vehicles. The company supplies EVs to major mobility partners, including Singapore Electric Vehicles Pte Ltd (SEV), and plays a pivotal role in Singapore’s evolving low-emission transport ecosystem.
“This acquisition represents an exciting next step in our journey toward building a cleaner and smarter mobility future in Singapore,” said Terence Zou, Founder, Chairman and CEO of Ryde. “Our 40% stake in Atoll gives us strategic access to the EV rental market, expanding our green mobility footprint without diverting resources from our core business.”
The move comes as Singapore pushes to phase out internal combustion engine vehicles by 2040 and scale up to 60,000 EV charging points, with its EV market expected to hit USD 564 million by 2030 at a CAGR of 27.46%.
The acquisition complements Ryde’s RydeGreen Program, launched in late 2024, which aims to introduce 1,200 EVs by 2027 through partnerships with SEV and green incentive schemes worth over $1 million. The addition of Atoll enhances the synergy between Ryde’s core ride-hailing operations and its sustainability efforts.
By acquiring a non-controlling but strategic interest, Ryde retains financial agility while positioning itself to benefit from Atoll’s success, potentially integrating more EVs into its own fleet in the future.
“This partnership is more than just an investment — it’s a convergence of shared values toward accelerating EV growth in Singapore,” said Atoll Director Steven Kwek.
As Southeast Asia’s EV momentum builds, Ryde’s investment solidifies its leadership in green mobility and sets the stage for future expansion beyond Singapore’s borders.
