Report: Lyft is trying to raise $500 million in its fight against Uber
Kelly Sullivan/Getty Images
The company is reportedly quietly pitching the new funding round at a valuation between $6 to $7 billion, according to The Journal. Lyft declined to comment on the report.
Lyft needs the cash to continue to cut into market share and grow its business. The company flirted with selling over the summer, but decided to stay independent and stick out the fight with Uber.
But Uber has stumbled heading into 2017, and Lyft is seizing the moment to portray itself as the friendlier alternative.
It's lured customers to its service after more than 200,000 deleted Uber in a single weekend, and now it's trying to bring investor cash on board too. Uber, meanwhile, is facing a battle on all fronts as it tries to win back customers, its employees, and even its own investor base, which has started speaking out against the ride-hailing giant in the wake of a sexism scandal and investigation into its workplace.
Should Lyft close a new round of funding, the $500 million infusion would bring its total raised to $2.5 billion. Lyft's closest competitor, Uber, is currently valued at $69 billion after raising $11.5 billion.
- Singapore Airlines was ordered to pay a couple compensation for 'mental agony' after they complained their business-class seats didn't automatically recline
- Welcome to the white-collar recession
- A software engineer shares the résumé he's used since college that got him a $500,000 job at Meta — plus offers at TikTok and LinkedIn
- American Express to open one-million sq feet campus in Gurugram
- Kotak Mahindra Bank shares decline over 4%; hit 52-week low
- NPCI International to support Namibia develop instant payment system like UPI
- Markets trade firm in early trade as GST revenues hit record in April
- Blockchain in Supply Chain Management
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market