Alphabet keen to deepen Lyft relationship with investment talk

Alphabet keen to deepen Lyft relationship with investment talk

Alphabet is said to be exploring a potential investment in ride-hailing app Lyft as it seeks to deepen and extend its existing partnership with the service.

Lyft is currently a distant number two in the ride-hailing sphere behind Uber but access to Alphabet’s overflowing war chest could give it the ammunition it needs to make a concerted effort for more market share.

Reports on Reuters suggest that the scale of the cash injection could approach $1bn although neither Alphabet nor Lyft will comment publicly at this stage.

Any infusion of cash would cement an existing partnership between the pair which has seen Alphabet’s Waymo self-driving car division work collaboratively on the creation of self-driving car tech.

Lyft has been rising fast in its home US market, now operating in 40 States and reaching 94% of the country’s population. This growth has seen Lyft’s valuation climb to $7.5bn, up from just $5.5bn a year earlier.

Earlier this week Lyft introduced a new advertising campaign starring Jeff Bridges and is believed to beexploring the prospect of an initial public offering sometime in 2018.

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