Google Parent Alphabet Said to Be in Talks to Invest in Lyft

Google Parent Alphabet Said to Be in Talks to Invest in Lyft
Highlights
  • Alphabet Inc is in talks with Lyft about a possible investment
  • An injection of support could be a boost to Lyft
  • A report says there is discussion of a $1 billion deal
Advertisement

Alphabet Inc is in discussions with Lyft about a possible investment in the ride-hailing company, potentially deepening an existing partnership between the two firms, a person familiar with the talks said on Thursday.

An injection of support from one of Silicon Valley's largest companies could be a boost to Lyft as the No. 2 ride provider battles rival Uber Technologies for market share.

It was not immediately clear how large an investment Alphabet might make. Bloomberg, citing people familiar with the matter, reported there was at least some discussion of a $1 billion deal.

Alphabet and Lyft declined to comment.

In May, Alphabet's self-driving car unit Waymo and Lyft announced a partnership to work together on developing self-driving technology; neither offered many details of the agreement.

Recently, Lyft has been in an expansion mode, saying in August that it was available in 40 US states covering 94 percent of the country's population.

Lyft raised $600 million in fresh funding in April, mostly from large global investment funds. The round valued the company at $7.5 billion, up from $5.5 billion at Lyft's previous financing more than a year earlier.

Additional investment could further push off discussion of an initial public offering, which Lyft had planned likely for 2018, according to sources close to the company. Lyft previously planned not to raise any more funding prior to its IPO, the sources said.

Alphabet since 2013 has been an investor in Uber through its venture capital arm, known as GV. That relationship, though, became more complicated when Alphabet's Waymo sued Uber this year for alleged theft of trade secrets.

© Thomson Reuters 2017

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Kult Gladiator With 4000mAh Battery, Front Flash Launched: Price, Specifications
Angry Birds Maker Rovio Moves Forward With $1 Billion IPO
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »