Alphabet leads Lyft's funding round worth $1 billion

Alphabet leads Lyft's funding round worth $1 billion

Lyft has not decided which bank to make its lead underwriter for an IPO, the people said. The fresh investment, led by Alphabet subsidiary Capital G, valued the firm at $11bn, making Uber's principal rival an even bigger threat.

The investment in Lyft is without a doubt, a significant investment for Alphabet and the collaboration will definitely help them in their intense competition with Uber for market share.

CapitalG's investment in Lyft is another vote of confidence for the ride-hailing company - which is another strike against its much larger rival, Uber. GM also has its own self-driving projects, which includes Cruise Automation, a startup with designs to deploy driverless taxis. The company also announced that CapitalG Partner David Lawee will join the board of the company.

Lyft, which only operates in the USA, said in a statement: "Earlier this month, we completed our 500 millionth ride and our service is now available to 95% of the U.S. population - up from 54% at the beginning of the year".

Bloomberg previously reported Alphabet was considering a $1bn investment.

Uber, which is valued at almost $70 billion and is the industry's dominant force, has been grappling with scandals over its corporate culture and business practices.

Google was one of the early investors in Uber. Uber lured away Expedia's CEO, Dara Khosrowshahi, to replace Kalanick and clean up the mess.

Tarantino says he 'knew enough' about Weinstein's behaviour
Weinsten then told the actress that he wanted to remove his trousers , which Nyong'o responded would be inappropriate. You see, I was entering into a community that Harvey Weinstein had been in, and even shaped, long before I got there.

GV could have the opportunity to sell at least some of its stake in Uber in a highly anticipated deal between Uber and SoftBank Group Corp 9984.T , which may be finalized in the next week.

Uber mulled acquiring Lyft back in 2014.

The new money will help Lyft with doubling down on the USA market, where it has made gains against Uber but still lags its rival.

The falling out dates back to a year ago when Kalanick became convinced that Waymo meant to deploy its robotic cars in a rival ride-hailing service.

Investors trying to position themselves for the best returns have put money into competing entities, creating murky allegiances.

Lyft is still far smaller and worth far less than Uber, another privately held company based in San Francisco whose investors have valued it at almost $70 billion. That's when Uber made a powerful enemy and now Google is haunting it.

Lyft and Alphabet already have a relationship through a partnership Lyft struck with Waymo, Alphabet's self-driving auto unit, in May. Waymo has accused Uber of stealing trade secrets after it hired a former Google employee.

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