June 20, 2018

Alphabet is reportedly considering investing $1 billion in Lyft

16 September 2017, 12:31 | Austin Hogan

Patrick T. Fallon | Bloomberg | Getty Images John Zimmer

John Zimmer

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.

Arkansas Woman Used Government Funds To Buy Her Dog A Tuxedo
A gag order prevents attorneys from speaking publicly about this case. The Sentinel-Record reports Goss will be sentenced November 22. The total amount of unauthorized purchases was $162,598.

Celebrating Hindi Diwas 2017: How it all began!
The Constituent Assembly had accepted Hindi written Devanagari script as the official language of India along with British.

6 die at Florida nursing home in Irma's sweltering aftermath
As a precaution, Hollywood police officers were checking on the 42 other assisted-living facilities and nursing homes in the area. A third call later came in as well, police said. "I am going to aggressively demand answers on how this tragic event took place".

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.

Other News

Trending Now

Florida Hurricane Irma Evacuee Named Her Newly Delivered Baby 'Storm'
On the heels of Hurricane Harvey, Hurricane/tropical storm Irma has blasted the state of Florida with high winds and flooding. Thanks to the efforts of incredible teamwork, Nayiri Storm is here with both a memorable name and great birth story.

Perera powers World XI to victory in Lahore
World XI beat Pakistan by seven wickets in the second Twenty20 global to level the match series 1-1. But Imad Wasim and Sohail Khan applied breaks on World XI score for being the most economical.

Google facing potential class action over gender-based pay discrimination
According to the complaint, Pease was kept on "non-technical" ladders, and denied moves to better-paying "technical" ladders. She left the company in 2015 due to the lack of advancement opportunities for women, the complaint says.

Death of LSU student after leaving fraternity house probed as hazing incident
King Alexander said all Greek activities at the university have been suspended indefinitely. LSU identified the student as 18-year-old Max Gruver during an afternoon press conference.

Ryan declines to say Republican tax plan won't raise deficit
The White House hasn't provided specifics. "I just don't pay attention to this stuff", he said . No Republicans were present at the dinner save the president, who was once a Democrat.

Hurricane Max makes landfall on Mexico's touristy Pacific coast
Max could bring potentially destructive rainfall to an area still reeling from an 8.1 natural disaster that struck last week. Max has triggered warnings of life-threatening conditions in areas hit by the devastating 8.2 quake, which killed 96 people.

Nestle acquires Blue Bottle Coffee
Nestle, Europe's biggest company by market value, is under pressure too from activist shareholder Third Point. Today, Oakland's Blue Bottle Coffee announced it's selling a majority stake to Nestlé .

Unemployment rate unchanged from July
The state's labor force increased to 3.7 million last month - an increase of 16,900 from the previous month. State officials also updated July's job report from a loss of 200 jobs to an addition of 2,500.

NYPD Releases Body-Camera Footage of Shooting of Bronx Man
The video shows the slaying a week ago of 31-year-old Miguel Richards, a college student studying information technology. A still from the body camera footage showing an NYPD officer pointing his gun at Miguel Richards .

Fergie And Josh Duhamel Announce Their Separation
In June, he said of Fergie : "We really, really like each other and like spending time around each other". "There had been a lot of talk in Fergie and Josh's household about expanding the family".