Alphabet line up $1bn investment in Lyft

By Pouyan Broukhim

Alphabet Inc., the parent company of Google, is reportedly in talks with Uber’s main rival, Lyft Inc., over a potential $1bn investment, according to Bloomberg.

The two companies held informal talks last year, but no further action was pursued.

However, if the latest round of said informal talks are successful, investment is expected to come from either Google or Alphabet’s private equity branch, CapitalG.

See also:

The company has raised $2.5bn through investment so far, most recently securing $600mn in its latest funding round in April 2017, valuing the startup at $7.5bn. Investors included Canada’s Public Sector Pension Investment Board, Alliance Bernstein and Baillie Gifford, amongst others.

Lyft has strategically pursued controlled spending of late, but if an agreement is made, the further reported $1bn in funding would allow Lyft to more aggressively challenge Uber’s predominance in the ride hailing industry.

Alphabet is known to be an investor in Uber, however, talks with Lyft have come at a time when the relationship between the two firms has reportedly soured. Waymo, a branch of Alphabet, is suing Uber over its self-driving car technology, leading to the company later signing agreements with Lyft on the testing of autonomous vehicles.

Share

Featured Articles

Rise of the Chief Information Security Officer (CISO)

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

UAE building cybersecurity fortress for a safer world

Exclusive: His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on bold plans to build the world’s most secure digital society

The future of cybersecurity must be built on the basics

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

10 of the best speakers at Procurement & Supply Chain LIVE

Leadership & Strategy

10 apps to support staff on World Mental Health Day

Leadership & Strategy

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy