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giftedviz.com September 26, 2017


Alphabet is reportedly considering investing $1 billion in Lyft

16 September 2017, 12:31 | Austin Hogan

Alphabet CEO Larry Page's company is reportedly interested in taking a big stake

Larry Page

The word is that the investment in Lyft is being driven by top-level executives, including Alphabet's Larry Page.

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

The funding could come from either Google itself or CapitalG, Alphabet's private equity arm, according to Bloomberg.

An investment from Alphabet could provide a boost to Lyft as its battles Uber for market share in the US and would also enable Lyft to ensure its independence for the near future.

In addition, Waymo and Lyft announced a partnership in May to develop new autonomous vehicle technologies.

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Throughout the year, Lyft has claimed its position as the dominating ride hailing service, as its competitor Uber fell off the radar.

Lyft has a stringent background check policy in place for its drivers, while also ensuring each of its drivers with a $1 million United States dollars liability policy.

It also underscores just how much the relationship between Google and Uber has deteriorated in recent months. The FBI is also reportedly investigating whether Uber created software, dubbed Hell, to illegally track the location and rates charged by Lyft drivers. 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.

Lyft raised $600 million in fresh funding in April, mostly from large global investment funds.

Uber once dominated the USA ride-hailing scene with around 90 per cent of the market, but according to some surveys Lyft has whittled that down to around 75 per cent as Uber has continued to grapple with a series of scandals. If such a deal goes through, though, it could be a major boost for Lyft, which has always been a distant No. 2 to Uber in size and in war chest.



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