Mobility company Ride Co., Ltd. (CEO Mincheol Lee) announced on the 19th that it has secured a total of 4 billion KRW in Series A funding from major venture capitalists (VCs) including IMM Investment and Infobank.
The investment was led by IMM Investment, with existing investor Infobank participating as a follow-up investor. This outcome reflects high recognition of Ride’s innovative business model and growth potential despite the overall downturn in the investment market.
Ride operates the contactless new car test drive platform ‘RideNow’ and has expanded its business by consecutively acquiring vehicle maintenance company Sky Auto Service and automotive education firm GMC. It has also signed new car sales contracts with domestic and international automakers such as KGM and Polestar Korea.
Based on this investment, Ride plans to actively pursue ▲expansion of nationwide service areas ▲advancement of platform technology ▲and B2B business expansion. It will introduce a new service platform that provides a one-stop solution from new car test drives to purchase and on-site maintenance. Customers will be able to purchase vehicles at uniform fixed prices anywhere nationwide, linked with financial services such as auto insurance. Additionally, Ride is developing a service that offers personalized vehicle recommendations and optimal purchasing methods by introducing an AI-based vehicle recommendation system.
Through various services including vehicle management service ‘RideCare’, electric vehicle charger operation and management service ‘RideOn’, and automotive brand education and consulting service ‘RideContents’, Ride is building a comprehensive mobility solution covering the entire automotive lifecycle, thereby enhancing its competitiveness.
A representative leading this investment stated, “Even in the current environment of overall market investment sentiment contraction, Ride’s business model has demonstrated strong growth potential by driving fundamental paradigm shifts in the automotive market,” and added, “There is a high possibility that Ride will grow into a unicorn company in the future mobility market.”
With this investment, Ride’s cumulative funding has surpassed 6.5 billion KRW. Last year, the company recorded sales of 23 billion KRW and achieved its first operating profit turnaround. Based on this, Ride plans to select an IPO underwriter within this year aiming for a public listing in 2027, focusing on service diversification, profitability enhancement, and market share expansion.
CEO Mincheol Lee of Ride stated, “Consumers in the digital era no longer adhere to traditional car purchasing methods,” and added, “We will innovate every process of car purchasing and ultimately set a new standard for domestic car distribution, securing competitiveness in the global mobility market.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
