Lyft, the other ride-hailing company which is still challenging Uber in their local domestic market has hit a valuation of $15.1 billion after raising an additional $600million in their Series I financing round. Lyft is also a partner of Grab in markets where Grab doesn’t play.
The company has also been dabbling in technologies such as self-driving cars as well, similar to Uber. This has brought the company’s valuation to almost double in 14 months. Thanks to Uber’s recent troubles, Lyft has seen an increase in users and drivers which does show that both Uber and Lyft stay relevant in the US as well as Canada.
Both these companies have been scaling up, Uber, having scaled globally much faster thanks to investor money and Lyft themselves are focusing on capturing more market share. Currently, Lyft has a 35% market share in the US at the moment.
Up till date, Lyft has managed to raise $5.1 billion since the company was formed. Do note that valuation is a perceived value and not reflective of its true value which in certain cases, can either be inflated or undervalued.