Robinhood sets ambitious goal of becoming sustainable app
Unveiling fair and caring ride-hailing service “Robinhood Ride”
Robinhood is reaffirming its commitment to its social enterprise model and introducing a new vision of being a “Sustainable App for Small Guys.” Under this new vision, Robinhood is dedicated to supporting small businesses and promoting long-term sustainability in the business sector. As part of this initiative, Robinhood has launched “Robinhood Ride,” a legally certified ride-hailing platform in Thailand. The platform’s concept revolves around providing a “fair and caring ride-hailing service” that emphasizes features such as fair prices, competent drivers offering standard service, lower platform fee, easy onboarding without the need to top up credits beforehand, accident insurance, and a 24-hour call center. With the introduction of eight vehicle types, Robinhood Ride aims to offer consumers an additional choice with transparent service fees and a sense of security on every journey. The service also aims to support drivers by providing them with fair income opportunities in the face of inflation, economic volatility, and the high cost of living.
Mr. Kaweewut Temphuwapat, CEO of Purple Ventures Co., Ltd., expressed his thoughts on the new service. He highlighted that “Robinhood’s inception was driven by a determination to assist individuals in the small-scale sector, including merchants, customers, and delivery riders. The platform serves as a means for these individuals to overcome the challenges posed by the COVID-19 crisis. Initially starting with the “Robinhood Food” food delivery service, the company expanded its services to the travel sector with “Robinhood Travel,” an all-in-one online travel service. Furthermore, Robinhood ventured into “Robinhood Mart,” a service for ordering groceries, and “Robinhood Express,” a service for parcel and document delivery. The latest addition to their lineup is the “Robinhood Ride” service, which incorporates feedback from both passengers and drivers to create an enhanced experience. This new service aims to provide customers with more flexibility, catering to the needs and preferences of over 3.7 million platform users.”
“Over the course of the past two years and eight months, Robinhood has significantly expanded opportunities for 300,000 merchants on its platform, enabling them to generate revenue of 17.2 billion baht. Additionally, it has helped 30,000 riders generate income exceeding 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 dedication to assisting “Small Guys,” including entrepreneurs and riders while fostering long-term business sustainability and mutual growth. This new vision serves as the guiding principle for Robinhood’s business plan, driving their efforts to strengthen the Robinhood ecosystem. In the upcoming fourth quarter of 2023, they plan to introduce two new services. Firstly, “Robinhood Finance” will provide digital lending to enhance financial liquidity for merchants and riders. Secondly, “Robinhood EV” will offer an electric motorcycle rental service, contributing to a comprehensive set of services that aim to have a positive impact on society across various dimensions, while considering the long-term environmental implications.” Mr. Kaweewut shared these plans as part of Robinhood’s continued expansion and its commitment to creating a sustainable and beneficial platform for all stakeholders.
Miss Suchanan Tantiwattanawanlop, Head of Ride Business at Purple Ventures Co., Ltd., highlighted the evolving landscape after the initial impact of the COVID-19 pandemic noting that “As people gradually returned to their normal routines, the demand for ride-hailing services experienced a resurgence. Recognizing the growth potential in Thailand’s ride-hailing industry, which boasts a market value of approximately 70 billion baht, Robinhood identified an opportunity to address certain limitations faced by passengers and drivers. Currently, passengers have limited options, resulting in high fares, while drivers often encounter issues with excessive commission deductions and difficulties reaching the Call Center in times of need. To tackle these challenges, Robinhood developed and launched “Robinhood Ride,” a legally certified car-hailing service endorsed by the Department of Land Transport. This service follows the concept of “Fair and Care for You” and aims to alleviate pain points for both passengers and drivers. It boasts 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 (22.00 – 04.00 hrs.), and a 24-hour Call Center. Moreover, passengers can choose from eight vehicle options tailored to their individual preferences, including taxis, electric cars, premium vehicles, and the popular lady car, catering specifically to female passengers seeking enhanced peace of mind during their journeys. The platform emphasizes courteous service as its hallmark, aiming to provide convenient travel options for consumers. Initially, the service will launch in Bangkok and its vicinity 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. By the end of 2023, they anticipate an average of 12,000 daily transactions and aim to have over 10,000 vehicles available in the system and aiming to become a top three player within three years. In welcoming users to the new Robinhood Ride during the launch period by offering a special discount of up to 50 baht with a minimum fare of 100 baht. This promotional offer can be availed by entering the CARE code between July 18, 2023, and September 30, 2023.” Miss Suchanan concluded by affirming their commitment to providing exceptional travel experiences through Robinhood Ride.
Robinhood Ride offers customers a diverse range of vehicle options to choose from, with a total of eight types available:
- Robinhood Taxi: Taxi
- Robinhood EV Car: Electric cars that promote eco-friendly transportation.
- Robinhood EV Premium Car: High-end electric vehicles for a premium travel experience.
- Robinhood Car: Standard cars suitable for everyday commuting.
- Robinhood Premium Car: Upgraded and luxurious vehicles for those seeking a more refined ride.
- Robinhood Lady: Cars driven by female drivers, providing an added sense of comfort and security.
- Robinhood Premium Lady: Premium cars operated by female drivers, combining elegance and reliability.
- Robinhood SUV: Spacious and accommodating vehicles designed for passengers with extra luggage or larger groups.
