As per latest reports, Lyft has lifted up an added $600 million in a Series I funding round headed by Fidelity Management & Research Company. The recent funding has pushed the firm’s post-money valuation to $15.1 billion. Lyft’s worth has increased over two times in the last 14 month period. Senator Investment Group LP also joined hands with Fidelity while lifting up the capital.
Fidelity has invested more than $800 million into the ride-hailing firm, turning it one of Lyft’s major shareholders. During the past 18 month period, Lyft has expanded its arms into new U.S. cities, in addition to Canada and following its self-sufficient vehicle objectives.
Lyft’s proposals — together with some of competitor Uber’s outrageous slip-ups — have aided the firm augment its market share in the U.S. zone to 35%. During January last year, Lyft remained at 22% market share in the US zone.
Obviously, upgrading is a pricey affair. And Lyft has used up the last year in search of investor fund.
The ride-hailing firm has lifted up $2.9 billion in primary capital, which comprises the $600 million announced Wednesday — since April 2017.
Altogether, Lyft has lifted up $5.1 billion since its beginning. Other shareholders from earlier rounds comprise AllianceBernstein, Baillie Gifford, KKR, Janus CapitalG, Rakuten and Ontario Teachers’ Pension Plan.
As Uber CEO Dara Khosrowshahi stated about accepting an investment from SoftBank, “Rather than having their capital cannon facing me, I’d rather have their capital cannon behind me.”
Uber, Lyft's rivalry, remained at $62 billion at a secondary market value.
Both Lyft as well as Uber are acknowledged to battle in an aggressive manner. Both have made entry in the bike sharing section.
Uber got hold of JUMP Bikes, the dockless electric motorbike sharing firm.
TechCrunch, which had previously stated that JUMP was making discussion for investment comprising Sequoia Capital’s Mike Moritz whilst considering a sale of $100 million pegged the concluding value near $200 million based on its sources.
Given that Uber’s opponents in the Chinese zone have turned multi-modal, it is Uber’s effort to fortify its position as well.