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Voi Challenger Ryde Becomes Billion-Kroner Machine
🇸🇪 Sweden /Economy & Trade

Voi Challenger Ryde Becomes Billion-Kroner Machine

From Dagens Nyheter · () Swedish

Translated from Swedish, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Ryde, a Norwegian-Swedish electric scooter company, has secured indirect majority ownership from Goldman Sachs.
  • The deal values the company between 3 and 4 billion Swedish kronor, making it a significant competitor to Voi in the Nordic region.
  • Unlike competitors like Voi and Lime, Ryde has focused on profitability, achieving 890 million kronor in revenue and 204 million kronor in operating profit in 2025.

The Norwegian-Swedish electric scooter company Ryde has emerged as a major player in the Nordic market, challenging established competitors like Voi. The company has now attracted investment from Goldman Sachs Alternatives, which, through Equip Capital, will become its indirect majority owner. This transaction values Ryde at an estimated 3 to 4 billion Swedish kronor, signaling its significant growth and market position.

We didn't take in venture capital and didn't aim for hyper-growth like the others.

— Johan OlovssonRyde's co-founder explained the company's strategy focused on profitability rather than rapid, capital-intensive growth.

Ryde's success stems from a strategic focus on profitability, a path less traveled in the often cash-burning electric scooter industry. While Voi continues to grapple with balancing growth and profitability, and Lime faces its own financial challenges despite pursuing a stock market listing, Ryde reported revenues of 890 million kronor in 2025, a 62 percent increase from the previous year. The company also posted an operating profit of approximately 204 million kronor.

In the Nordics, it's basically just us and Voi left.

— Johan OlovssonThe co-founder highlighted Ryde's dominant position in the Nordic electric scooter market alongside Voi.

Co-founder Johan Olovsson attributes Ryde's financial health to building a sustainable business from the ground up, avoiding the "hyper-growth" strategy pursued by others. Ryde operates with a vertically integrated model, managing the entire chain from operations to service in-house. This approach allows for enhanced quality control and cost management, differentiating it from companies relying on third-party providers.

When we started, we wanted to build a sound business from the ground up. We brought in investors only when we became profitable and could show that we have control over the business.

— Johan OlovssonOlovsson described Ryde's approach to securing investment after establishing a profitable and controlled operation.

Despite past controversies in Sweden regarding the alleged illegal deployment of e-scooters around 2021-2022, Olovsson defends the company's actions, citing the evolving regulatory landscape at the time. He asserts that Ryde now receives positive feedback from Swedish municipalities. The company's expansion has been steady, growing from four to 69 cities across Norway, Sweden, and Finland, making it the largest operator in the region.

This model has made it possible to increase the quality of service and increase control over costs.

— Johan OlovssonThe co-founder explained the benefits of Ryde's in-house operational model.
DistantNews Editorial

Originally published by Dagens Nyheter in Swedish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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