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Lyft raises additional $500 mn in funding

Fresh funding expected to raise the Uber rival's valuation to $11.5 billion

Reuters 

Lyft Inc, Lyft
An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, US. (File photo: Reuters)

rival is raising an additional $500 million in funding, according to a US share authorisation document filed in Delaware news website Axios said. The additional round, led by Alphabet’s CapitalG, is an extension of the $1 billion round announced in October. spokesman Adrian Durbin, confirming the round, in an e-mailed statement said, “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers.” In October had said that the previous round of boosted its to $11 billion from $7.5 billion. The fresh would raise its to $11.5 billion.

First Published: Fri, November 24 2017. 03:12 IST
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