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Uber rival Lyft looking to raise $500 million fresh funds - source
March 2, 2017 / 2:51 AM / in 9 months

Uber rival Lyft looking to raise $500 million fresh funds - source

(Reuters) - Uber competitor Lyft is pitching investors on a new funding round and hopes to net at least $500 million, according to a source familiar with the matter.

A driver displays Uber and Lyft ride sharing signs in his car windscreen in Santa Monica, California, U.S., May 23, 2016. REUTERS/Lucy Nicholson/Files

The $500 million fundraising would value the ride-hailing service between $6 billion and $7 billion, the source said.

A Lyft spokeswoman declined to comment.

Lyft’s fundraising efforts have been ongoing for months, according to sources with knowledge of the matter. The company previously retained Qatalyst Partners to assist in reviewing an acquisition offer.

Larger ride-hailing competitors, Uber and Didi, have raised so much money that Lyft’s options of finding new investors who can write big checks are quite limited.

Uber is valued at about $70 billion and Didi’s valuation is about $35 billion after its merger with Uber’s China operations in August.

Reporting by Heather Somerville in San Francisco and Sangameswaran S in Bengaluru; Editing by Amrutha Gayathri

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