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.
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.