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| VIEW EVENT INFORMATION: Lyft |
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Lyft Picked Up 17 Million Rides In October |
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About the organization Lyft:
Type: Business
Sub-Types: Application Software, Telecommunication, Telecommunication Software, Transport, Social Networking Agent |
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Notable Organizations: Lyft, Techcrunch
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| Lyft launched an aggressive marketing campaign in Spring that seems to be paying off. The rideshare company says it delivered 17 million rides this month (so far), more than 2.4x’s the amount the company did at the same time last year.
Data from research firm 7Park also shows Lyft gaining in U.S. market share on Uber year over year in major metropolitan areas where Uber has dominated since 2014.
It’s still just a drop in the bucket when compared to its rival, though. Uber has the lion’s share of the U.S. market at 5 million rides per day — and that’s just a fraction of Chinese counterpart Didi Chuxing, which claims 20 million rides per day.
But it’s a nod to the rocket ship of growth Lyft has set itself up for. The company took in $1 billion in funding last December — half coming from its buddy in business General Motors — and Lyft’s John Zimmer said on stage at the Wall Street Journal Live conference it’s enough to at least “break even” on its bold plan for the future.
Lyft and GM have been very cozy since the start of the investment relationship, intertwining business offerings across both platforms and there has been some speculation GM might have offered to buy Lyft. Lyft confirmed it hired boutique investment firm Qatalyst but reportedly declined GM’s acquisition offer. |
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