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Alphabet keen to deepen Lyft relationship with investment talk

Alphabet Keen To Deepen Lyft Relationship With Investment Talk

Alphabet is said to be exploring a potential investment in ride-hailing app Lyft as it seeks to deepen and extend its existing partnership with the service.

Lyft is currently a distant number two in the ride-hailing sphere behind Uber but access to Alphabet’s overflowing war chest could give it the ammunition it needs to make a concerted effort for more market share.

Reports on Reuters suggest that the scale of the cash injection could approach $1bn although neither Alphabet nor Lyft will comment publicly at this stage.

Any infusion of cash would cement an existing partnership between the pair which has seen Alphabet’s Waymo self-driving car division work collaboratively on the creation of self-driving car tech.

Lyft has been rising fast in its home US market, now operating in 40 States and reaching 94% of the country’s population. This growth has seen Lyft’s valuation climb to $7.5bn, up from just $5.5bn a year earlier.

Earlier this week Lyft introduced a new advertising campaign starring Jeff Bridges and is believed to be exploring the prospect of an initial public offering sometime in 2018.



This post first appeared on How To Organize Small Kitchen, please read the originial post: here

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Alphabet keen to deepen Lyft relationship with investment talk

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