Google in Talks to Invest $1 Billion in Lyft

Alicia Cross
September 16, 2017

Google's parent company, Alphabet, may soon invest in the app Lyft, Reuters reports.

This Alphabet investment might be aimed at keeping Lyft on its side amid the legal battle with Uber.

And in May this year, Alphabet's self-driving auto unit Waymo and Lyft said they would be forming a partnership to work together on developing self-driving technology.

An investment from Alphabet could provide a boost to Lyft as its battles Uber for market share in the US and would also enable Lyft to ensure its independence for the near future. Waymo and Lyft have a partnership to test self-driving cars, and perhaps eventually build a network.

Alphabet has actually been an investor in Uber through GV, its venture capital arm, since 2013. The round valued the company at $7.5 billion, up from $5.5 billion at Lyft's previous financing more than a year earlier. Alphabet's cash would also make Lyft stronger.

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Uber is now in the process of trying to secure more funding, with Lyft set to expand into Canada - which would be its first worldwide expansion.

Although these conflicts with Alphabet have not been earning a good name for Uber, it still has big brand recognition in and outside San Francisco and Los Angeles. Alphabet and Lyft declined to comment on the report regarding the rumored investment, though sources who wished to remain anonymous said that there is a chance that the deal would not push through.

Competition is heating up in the ride-hailing service industry.

The former CEO at Expedia Dara Khosrowshahi took the reins at Uber last week. Uber has raised more than $15 billion compared with Lyft's more than $2 billion.

It goes without saying that the autonomous driving space will see a spate of innovations in the next few years, both by technology companies and automakers, as well as by smaller startups.

Other reports by Free-Prsite

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