Firesidechat with Tobias Balchen - CEO, RYDE

So 2024, you grew the business by 69%.

Last year, another 60%.

What's actually fueling that growth?

So I think it's two things in micromobility, which is growing.

Obviously, we're adding lots of vehicles, right? So we've acquired 40,000 vehicles, which have been rolled out the last couple of months.

The vast majority of them here in Germany.

We have now 25,000 units in Germany.

So that obviously fuels growth.

But I think Oraz also mentioned it on stage here that you see underlying demand adaptation.

So, you know, cities we've been in for a long, long time are increasing usership.

More and more people are coming to micromobility and trying it for the first time.

And the ones that are steady users, they're not disappearing.

So if you do some cohort analysis and we look at users from 2019 and 2020, a very large portion of those are still riding with us today.

So obviously, the snowball just rolls.

Yeah.

And to give you a specific example, in 24 August, we had 60,000 unique users in Oslo.

In 25 August, we had 90,000 unique users in the same month.

So, you know, unique users over year over year grew by 50%.

So obviously a very large underlying demand growth as well.

You didn't

launch Germany last year, right? So Germany didn't contribute to that 60% growth?

This was only in Oslo.

But no, we had our first scooters on the ground here in March this year.

Okay, cool.

Something that's also fascinating is that in the Nordics, you don't operate the entire year, right? Your revenue is growing.