Sunday, June 23

Tag: lyft

Lyft acquires Cartop Advertising Startup Halo Cars
ACQUISITION

Lyft acquires Cartop Advertising Startup Halo Cars

Lyft Inc has bought U.S.-based startup Halo Cars, which allows drivers to make money through digital advertisements displayed on top of their vehicles. The deal, first reported by Axios, was confirmed by the ride-hailing company on Friday. Lyft did not comment on the financing of the deal. Halo Cars was founded in 2018 and has operations in U.S. markets such as New York and Chicago. Lyft and larger rival Uber Technologies Inc, both based in San Francisco, are pursuing different roads in search of profitability, with Uber pouring money into side businesses which have so far lost money and Lyft focusing solely on moving people around. With operations only in the United States and some Canadian cities, Lyft said earlier this month its active rider customer base in the fourth quar...
Uber, Lyft & Doordash Threatened to Spend $90M on California ballot fight
USA

Uber, Lyft & Doordash Threatened to Spend $90M on California ballot fight

Uber, Lyft and DoorDash threatened to spend $90 million on a California ballot measure if they can't reach a deal with unions and lawmakers on legislation that would change the rights of their drivers and other so-called gig workers. "We remain focused on reaching a deal, and are confident about bringing this issue to the voters if necessary," Adrian Durbin, senior director of communications at Lyft, said in a statement. The companies' team-up comes as California lawmakers debate a bill that would make it harder to classify workers as independent contractors instead of employees. As employees, workers are entitled to more wage protections and benefits. But the ridesharing and on-demand delivery companies say labeling workers as such would upend their business model built around d...
Lyft valued at $24.3 billion in first ride-hailing IPO
Market

Lyft valued at $24.3 billion in first ride-hailing IPO

Lyft Inc was valued at $24.3 billion in the first initial public offering (IPO) of a ride-hailing startup, raising more than it had set off to do as investors overlooked uncertainty over its path to becoming a profitable company. Lyft's IPO sets the stage for the stock market debut of larger rival Uber Technologies Inc, which Reuters has reported will kick off in April. Uber has been told by its investment bankers that it could be valued at as much as $120 billion. The success of the IPO came despite Lyft's steep losses, criticism of its dual-class share structure and some concerns over its strategy for autonomous driving, for fear of missing out on the company's strong revenue growth. "In a good market, people look beyond things. They don't see the problems as much," said Brian ...
Lyft beats bigger rival Uber, File for $2 billion IPO
Market

Lyft beats bigger rival Uber, File for $2 billion IPO

USA based online cab aggregator platform Lyft beat bigger rival Uber Technologies in filing for an IPO. JPMorgan Chase & Co, Credit Suisse and Jefferies managing Lyft's IPO. Founded in 2012, the San Francisco based company currently valued at about $15 billion. The cab sharing platform was founded by John Zimmer and Logan Green. However, Lyft did not specify the number of shares in a filing with the Securities and Exchange Commission. Lyft company is planning for the roadshow to fetch the interest of investors due to escalating trade tensions between the United States and China, which causes turmoil in the financial markets. Investors main concern is the recent stock market weakness that could result in reduced interest in their road shows or fail to fetch them a reas...
Cab Aggregator Uber Secretly Plans an IPO
Market

Cab Aggregator Uber Secretly Plans an IPO

Soon after cab aggregator Lyft applied for nearly 2019 initial public offering, Uber is on the same path and the company issecretly planning to file for an IPO, marking the beginning of a race for thetwo ride-hailing giants to the stock markets. Most recently,Uber’s private market valuation was a whopping $72 billion value. Founded in2009, Uber has raised a total of nearly $20 billion in a combination of debtand equity funding. Uber’s currentchief executive officer Dara Khosrowshahi previously said he expected the company to completean IPO in mid-2019 but today’s news puts Uber on pace to debut in the firstquarter of next year. “[Uber] has allthe disadvantage of being a public company, with the spotlight on us, with none of the advantages,” Khosrowshahi said. The com...
After Lyft, Uber Launches its Loyalty Program Uber Rewards
BUSINESS

After Lyft, Uber Launches its Loyalty Program Uber Rewards

Soon after ride-hailing service Lyft launched its loyalty program, Uber has also come up with Uber Rewards in nine cities before rolling out to the whole U.S. in the next few months, with points for scooters and bikes coming soon. Under this program, riders will earn points for all the money they spend on Uber and Uber Eats that score them $5 credits, upgrades tAo nicer cars, access to premium support and even flexible cancellations that waive the fee if they rebook within 15 minutes. Along with this, it retroactively counts your last six months of Uber activity to give you perks as soon as you sign up for free for Uber Rewards. The program has been currently launched in Miami, Denver, Tampa, New York, Washington, DC, Philadelphia, Atlanta, San Diego or anywhere in New Jersey. “As p...
Cab Aggregator Lyft to Launch its Loyalty Program in the US
BUSINESS

Cab Aggregator Lyft to Launch its Loyalty Program in the US

San Francisco based cab aggregator Lyft has planned to launch a new loyalty program for riders which will be known as Lyft Rewards. The particular program will start rolling out next month to select riders across the U.S. It will let riders earn points for each dollar spent, which can then be used for upgrades to nicer cars or savings on future rides, among other things.  Along with this, the ride-hailing company caters to its regular riders in several ways, including through its recently launched subscription service. It is a program that rewards business users, and its partnership with Delta that allows riders to earn Delta airline miles with Lyft. The upcoming reward program will be aiming everyday riders, in order better retain their business as a part of Lyft’s larger battle wit...
Lyft Brings on Board Former United Airlines Chief Commercial Officer
News

Lyft Brings on Board Former United Airlines Chief Commercial Officer

Ride hailing major Lyft has appointed former United Airlines Chief Commercial Officer Julia Haywood to serve as its VP of Strategy. The basic plan is for her to own Lyft’s market expansion efforts and accelerate growth. “I’m excited to see Julia make a huge impact here at Lyft,” stated Jon McNeill, chief operating officer at Lyft. “We are in a period of hypergrowth, and as the complexity of our product offerings and organization increases, Julia’s hands-on approach to tackling challenges is just what we need to best-position us for the future.” The company is also expected to launch its initial public offering (IPO) an for this it has selected JPMorgan Chase & Co. as the lead underwriter along with Credit Suisse Group and Jeffries Group. It has also been stated that the company’s ...
Uber Expected to Reach the Valuation of $120 Billion Next Year
BUSINESS

Uber Expected to Reach the Valuation of $120 Billion Next Year

The global cab aggregator Uber has been growing at a great pace since its launch. The company is therefore, expected to be valued at valued at $120 billion when it finally goes public next year. According to the Wall Street Journal, Goldman Sachs and Morgan Stanley delivered the valuation proposals to Uber last month. Currently, the proposed valuation of the company is about $50 billion more than the company's most recent valuation, setting the stage for what would be one of the biggest listings ever. Uber and smaller rival Lyft's initial public offerings, both expected in 2019, will test investor tolerance for money losing technology unicorns. Dara Khosrowshahi, CEO of Uber stated that in September that Uber was on track for a 2019 IPO, adding that he was not concerned if Lyft went ...
Chinese Ride Sharing Giant DiDi Chuxing Is Coming To North America
USA

Chinese Ride Sharing Giant DiDi Chuxing Is Coming To North America

Beijing, China's ride hailing giant Didi Chuxing is planning to expand its services to expand to Mexico by next year, marking the company's first international expansion move. This also signals a new phase of competition with global ride sharing company Uber, which quit its Chinese business by selling it to Didi in 2016 after lengthy and expensive battle. After Uber, Didi Chuxing is the most valued privately owned firm in the world. Its decision to begin recruiting drivers and offering rides in Mexico will surely be seen as shot across Uber's bow at a time when the company witnessed a series of self-inflicted scandals. Didi right now has no card outside China, but will be launching an app in the Mexico and recruit local drivers. It is unclear which cities Didi will target, althoug...
Lyft Raises Additional $500M On Top Of $1B
FUNDING

Lyft Raises Additional $500M On Top Of $1B

Uber's hard core rival Lyft is seeking an additional cherry on top funding of $500 million, over and above $1 billion it raised in a round led by Alphabet's venture arm CapitalG last month. This has raised the bar of its valuation to $11.5 billion in comparison to previous $7.5 billion. The funding is not yet been closed and this $500 million is an extension of its previous round. This funding will be utilized to develop its passenger and driver products, the company told the source- Axios. The funding  comes at a critical point where it is trying to expand outside U.S., with a launch scheduled in December in Toronto and Hamilton in Canada. Lyft has been focusing on its growth this year, aiming to cover 95% of the US population with more than a hundred new market additions. ...
Lyft May Claim A Third Of U.S. Market Soon!
USA

Lyft May Claim A Third Of U.S. Market Soon!

Lyft is expected to take over a significant amount of U.S. market, and has gained much on its rival Uber Technologies Inc, according to a private Lyft investor report obtained by Bloomberg. The investor is depicting in the report that by the end of the year, Lyft's shares will see a boost in its U.S. ride-hailing business by about 61 percent. The gains that the company got are under the disturbed reputation of Uber after a series of events like executives stepping down and the distress among its drivers. These series of events has kept Uber distracted for a long time, while it was busy with internal management conflicts, Lyft gained on that and may emerge in the coming months. Besides gaining market share, Lyft has boosted its profitability and sales, the document mentioned. Accor...