Lyft Raises $1 Billion Led By Alphabet's Capital G

Posted: Oct 20 2017, 9:31am CDT | by , in News | Cars & Vehicles

Lyft Raises $1 Billion Led by Alphabet's Capital G
  • Lyft Raises $1 Billion in Funding Round Led by Alphabet's Capital G

Lyft Considering its Options while Collecting Funds Amounting to a Billion Dollars

In its rivalry with Uber, Lyft is weighing in on the matter of going public next year. Also this will require more money, so one billion dollars are being raised to finance the scheme by a branch of Google.

The ridesharing company has engaged in parleys with various banks and some of content of the talks that got held were kept top secret. Which bank will serve as the I.P.O. for Lyft remains a moot point right now. Lyft has announced for now that via Alphabet, a branch of Google, it will raise the necessary $1 billion.

Lyft has a pecuniary value of $10 billion right now. Last time this value was gauged it stood at $6.9 billion. So there has been an improvement. The ensuing financial tangle will have several repercussions down the line.

Both Lyft and Uber have borrowed huge loans from investors and banks. Lyft now has an iron brother in the form of Alphabet. One of the people at CapitalG, a part of Alphabet, will have a seat among the board of directors at Lyft too.

Uber meanwhile is valued at $70 billion which is a phenomenal sum of cold hard cash. The scandals it faced led to the kicking out of its former head, Travis Kalanick and the appointment of a new chief.

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