Lyft Has Doubled Its Value in a Year
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
Ride-haling company Lyft has doubled its valuation on the stock market in just about one year — a huge step as it tries to keep up with its massive rival Uber.
In April 2017, Lyft was valued at $7.5 billion. Now, as of Monday, after its latest round of funding, the company is worth $15.1 billion. Among its investors, Fidelity is leading the pack this funding round with a roughly $800 million cash infusion into the startup.
After several high-profile scandals rocked Uber over the last year, including sexual harassment allegations, legal entanglements and a fatal self-driving car crash, Lyft was able to make major strides in the US ride-hailing market. In May, Lyft said it had 35% of the US market.
The company also moved into the international ride-hailing market at the end of 2017, expanding operations in Canada, and it is reportedly considering a launch in both the European and Latin American markets.
Lyft operates 1 million rides in the US and Canada each day.
By comparison, Uber is valued at about $62 billion and is the most valuable privately held startup in the world. Although, it might not be private for long — there is intense speculation that Uber is on the cusp of launching an IPO that would be one of the most significant Wall Street launches in recent history. It operates 15 million rides per day in 630 cities worldwide.
In 2018, Lyft is predicted to have $7.7 billion in gross bookings, or the profits it makes before paying out drivers, a person familiar with Lyft’s numbers told the Wall Street Journal.
H/T: Wall Street Journal
Featured image by Kelly Sullivan/Getty Images for Lyft.
Sign-up Successful!
Welcome to The Points Guy!
WELCOME OFFER: 80,000 Points
TPG'S BONUS VALUATION*: $1,600
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
- 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.
Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.