The ride-hailing app Lyft now values at $15.1 billion as a result of fresh investment by shareholders. The $600 million investment has helped the company boost its position against competitors like Uber. The could not have been achieved without Fidelity Management & Research Company which has invested around $800 million in the company until now.
Lyft has gained valuable market share in the United States thanks to a few blunders tarnishing the image of Uber. Earlier this year, Uber’s self-driving car got involved in an accident which resulted in the death of a pedestrian. Litigations followed and Uber lost quite a lot in terms of progress. Lyft gained the most from this situation, as evident from the company’s 35 percent market share in the U.S, which is a 13 percent increase since January 2017.
Lyft has taken advantage of Uber’s weakness by expanding its operations to the other U.S and Canadian cities. The company aims to go further into the self-driving car technology and hopes to achieve that through partnerships with Waymo and even Ford.
General Motors has also invested $500 million in ride-hailing app Lyft.