Robinhood adds ride-hailing, makes big move for ‘Small Guys’

The announcement follows the launch of the company's new service, Robinhood Ride, earlier this week.

Kaweewut Temphuwapat, CEO of Purple Ventures, which operates Robinhood, said that Robinhood Ride is a legally certified ride-hailing platform in Thailand that focusses on providing fair prices.

He claimed that his ride-hailing application fee was lower than that of other providers and that onboarding was simple, with no need to top up credits beforehand.

In addition, the platform provides accident insurance and a 24-hour call centre to ensure a safe and secure trip.

"Robinhood Ride is the newest addition to our lineup, incorporating feedback from both passengers and drivers to create an enhanced experience. This new service aims to provide customers with greater flexibility, catering to the needs and preferences of over 3.7 million platform users," he explained.

Robinhood, which debuted in 2020, has expanded beyond food delivery to include travel, grocery ordering, and express delivery.

Kaweewut said that over the last two years and eight months, Robinhood has significantly expanded opportunities for 300,000 merchants on its platform, enabling them to generate 17.2 billion baht in revenue.

Furthermore, he said the platform has helped 30,000 riders earn over 3.6 billion baht.

"Looking ahead to 2023, Robinhood remains committed to creating opportunities and supporting individuals under its new vision of becoming the ‘Sustainable App for Small Guys’. This vision reflects their commitment to assisting … entrepreneurs and riders, while encouraging long-term business sustainability and mutual growth," he said.

He added that this new vision would serve as the guiding principle for Robinhood's business plan, propelling their efforts to strengthen the Robinhood ecosystem.

He also revealed Robinhood's plans for the fourth quarter of 2023.

"Robinhood Finance" and "Robinhood EV" will be two new services added to the platform.

He explained that, while Robinhood Finance will provide digital lending to improve financial liquidity for merchants and riders, Robinhood EV will provide an electric motorcycle rental service.

The move would contribute to a comprehensive set of services aimed at having a positive impact on society across multiple channels as part of Robinhood's continued expansion and commitment to creating a sustainable and beneficial platform for all, he noted.

Purple Ventures' head of Ride Business, Suchanan Tantiwattanawanlop, said the company decided to enter the market after learning that the current market offered limited options, resulting in high fares.

Meanwhile, due to a lack of options, drivers frequently experience excessive commission deductions and difficulty reaching their call centre in times of need.

She said that Robinhood created and launched "Robinhood Ride" to address these challenges with six key strengths: fair pricing, competent drivers providing standard service, lower platform fee, easy onboarding for drivers without the need to top up credit beforehand, accident insurance coverage during specific hours, and a 24-hour call centre.

Furthermore, passengers can select from eight vehicle options tailored to their specific needs, such as taxis, electric cars, premium vehicles, and the popular lady car, which caters specifically to female passengers.

The platform's hallmark is courteous service, with the goal of providing consumers with convenient travel options.

Initially, she said the service would begin in Bangkok and its surrounding areas before expanding to other promising provinces.

"We have strong confidence in Robinhood Ride's ability to enrich every customer's journey, ensuring it is both worthwhile and meaningful," she said, adding that they expect an average of 12,000 daily transactions with over 10,000 vehicles available by year-end.

She believes that with this strategy, Robinhood Ride will achieve its goal of becoming a top three player within three years.