Lyft Is Raising Another Huge Pile of Money for Its Battle With Uber

Thu Nov 23 2017
Lucy Harlow (4100 articles)
Lyft Is Raising Another Huge Pile of Money for Its Battle With Uber

Uber rival Lyft is raising an additional $ 500 million in funding, according to a U.S. share authorization document filed in Delaware news website Axios said.

The additional funding round, led by Alphabet Inc’s CapitalG, is an extension of the $ 1 billion round announced in October.

Lyft spokesman Adrian Durbin, confirming the funding round, in an e-mailed statement said, “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”

Read: Lyft Could Have One-Third of the U.S. Rideshare Market by Christmas

In October Lyft had said that the previous round of funding boosted its valuation to $ 11 billion from $ 7.5 billion. The fresh funding would raise its valuation to $ 11.5 billion.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe