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Lyft Gets $600 Million Infusion
Ride-hailing service Lyft Inc. has secured $600 million in new funding, which analysts say increases the San Francisco-based company’s market value to $7.5 billion.
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Ride-hailing service Lyft Inc. has secured $600 million in new funding, which analysts say increases the San Francisco-based company’s market value to $7.5 billion.
The infusion surpasses the $500 million target Lyft set last month and increases valuation projections by at least that much, Reuters notes. Private equity firm KKR & Co. joined several of Lyft’s previous investors in the new round of funding.
General Motors Co. spent $500 million in January 2016 to acquire a 9% stake in Lyft, suggesting a market value at the time of about $5.5 billion. But rival Uber Technologies Inc. last summer responded to rumors of a possible takeover by reportedly telling investors it wouldn’t pay more than $2 billion to buy the entire company.
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