Alphabet Leads $1B Investment in Uber Rival Lyft

Alphabet Leads $1B Investment in Uber Rival Lyft

On Wednesday, Recode reported that the speculation was correct, and Google's parent company is leading a $1 billion round of investment that raises Lyft's valuation to $11 billion.

The injection of cash increased Lyft's valuation to $11 billion, up from around $7.5 billion in April when it last raised $500 million from unnamed investors, and up further still from its $5.5 billion valuation previous year.

When Lyft was last valued, its value was at $6.9 billion.

Lyft is tight-lipped as to what, precisely, the new funding will be spent on. "While we've made progress towards our vision, we're most excited about what lies ahead".

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"The fact remains that less than 0.5% of miles travelled in the U.S. happen on rideshare networks". As a result, this opened a huge opportunity for the firm to serve the country in many aspects that include social futures, environmental and economic futures.

Last year, Alphabet executive David Drummond stepped down from the Uber board. "Earlier this month, we completed our 500 millionth ride and our service is now available to 95 percent of the United States population - up from 54 percent at the beginning of the year", the statement said.

In the topsy-turvy world of tech, an investor can fund a company one minute and sue it the next. In 2014, it sent a fact-finding mission to the United Kingdom, "exploring opportunities in London and meeting with an array of political leaders and policymakers". But according to The Information, that may not be the case.

In 2016, Lyft as well as Uber posted losses.

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It is incredible how much financial muscle #Google, or rather its parent company Alphabet, has to flex these days. That company is integrated into a number of Google products and services, from Google Assistant to Google Maps. Lyft has been expanding in the U.S. market as Uber's image has taken a hit in recent months.

Meanwhile, Alphabet's self-driving-car company Waymo is in a legal battle with Uber, claiming the ride-hailing giant stole intellectual property.

Uber has itself been developing self-driving auto technology, going so far as to effectively acquire an entire robotics department at Carnegie Mellon University.

Uber has appointed a new chief, Dara Khosrowshahi, and is now trying to learn from its missteps while pursuing his goal of taking the company public in the next 18-36 months.

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The investors in that round included KKR, Baillie Gifford, Alliance Bernstein, Canada's Public Sector Pension Investment Board (PSP) along with Rakuten and Janus Capital.

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