Lyft sees real lift
Uber rival Lyft is on a steep growth curve right now and could snag as much as one-third of the US ride-hailing market by end-2017, up 60% over the course of the year, according to documentation obtained by Bloomberg.
In addition to gaining market share, Lyft is also boosting sales and edging closer to profitability. However, it’s unlikely to break even given that it will up spend to keep the pressure on Uber, which was earlier this year racked by scandals that forced the departure of its controversial CEO.
Lyft recently closed a $1 billion financing round led by Alphabet that valued it at some $11 billion.
In October, the company announced that its service reached 95% of the US population, up from 54% at the beginning of the year, while it was also offering 1 million rides per day. Lyft has now provided a total of over a half-billion rides.
“It’s only October, but Lyft has already given more rides this year than in all previous years combined,” it reports. “While it took us four years to complete our first 100 million rides, we completed the last 100 million in just three months.”
The company this week reported that it will launch in Toronto, which will become San Francisco-based Lyft’s first international location. Uber announced in September that is was shuttering Canadian operations in Quebec, citing over-onerous regulation (basically nothing more than mundane driver background checks and training).
Not one to stay out of the limelight, Uber has just announced that its board has agreed to a chunk of investment from Japan’s Softbank that could bring in as much at $10 billion. That values the firm at $68 billion, making Uber the world’s most highly valued venture-backed company.