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Report: Alphabet Ponders $1 Billion Investment in Lyft
Alphabet Inc. is in discussions about investing about $1 billion in ride-hailing service Lyft Inc., sources tell Bloomberg News.
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Alphabet Inc. is in discussions about investing about $1 billion in ride-hailing service Lyft Inc., sources tell Bloomberg News.
They say the commitment if finalized may come from Alphabet’s Google or CapitalG units. Bloomberg notes that Alphabet already holds a stake in Lyft rival Uber Technologies Inc. through its GV venture capital arm. Alphabet’s Waymo autonomous car unit agreed in May to partner with Lyft on tests of self-driving cars.
Some investors have suggested that an outright purchase of Lyft by Alphabet would make a good fit. The two companies held informal discussions last year.
A $1 billion infusion would enable Lyft to achieve short-term independence and accelerate its marketing and growth plans, Bloomberg says. The San Francisco-based company has gained market share this year at the expense of Uber, whose series of self-inflicted crises and high-profile lawsuits led to the ousting of founder-CEO Travis Kalanick in June.
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