Alphabet considering major investment in Lyft


Alphabet considering major investment in Lyft

Also with the investment, it could allow Lyft to become independent, which was co-founder, John Zimmer's, priority for the company.

We believe that Alphabet's expertise in data collecting, storing and monetizing makes it a formidable player in the autonomous driving market.

Lyft has already risen more than $2bn worth of funding working with investment backers including the partnership with Waymo to test self-driving cars as well as General Motors, Rakuten, and Floodgate. On the off chance that the reports about the Alphabet's planning are valid, at that point, Lyft is by all accounts chilling off on its prior explanation, in which it said that there would be no new round of raising money before its IPO, details Reuters.

In May, Alphabet's self-driving vehicle unit Waymo and Lyft announced a partnership to work together on developing self-driving technology; neither offered many details of the agreement.

Sources say that the possible $1 billion investment may come from Google of CapitalG, but there is no confirmation on whether the deal will be completed or not.

Ahead of Lyft are Uber, which has raised $15.1 billion with a current valuation of $68 billion; Didi Chuxing, which has raised $14.1 billion; and Singaporean ride sharing company Grab, which has raised $3.44 billion.

The search giant invested more than $250 million in Uber through its GI venture capital arm in 2013.

But an Alphabet investment in Lyft also could further complicate an already dicey web of relationships between Lyft, Alphabet and Uber. Uber recently kicked out CEO Travis Kalanick and replaced him with Dara Khosrowshahi after slew of allegations of sexual harassment, sexism and other inappropriate behavior within the company. Alphabet and Lyft declined to comment.

This funding by Google, if materializes, will prove to be a serious blow on the face of Uber, which is also struggling to secure more funding, currently.

In San Francisco, the company has expanded its shuttle service with a total eight routes, and it has six sroutes in Chicago.



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