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Transportation network company: Lyft, Inc. (LYFT)

Lyft, Inc. (NASDAQ: LYFT) was founded on June 9, 2012 and is headquartered in San Francisco, California, USA. It has 4,680 full-time employees. It is a transportation network company that develops mobile applications to connect passengers and drivers and provide passengers. Car rental and real-time sharing economy services. Passengers can book these passenger vehicles by sending text messages or using mobile applications. When using mobile applications, they can also track the location of the vehicles, which is second only to Uber in the United States. The second largest taxi-hailing application.

Lyft logo

Lyft, Inc. (LYFT):

Raffles was launched in June 2012 and currently operates in approximately 300 U.S. cities, including New York, San Francisco and Los Angeles, providing 18.7 million passengers a month. In June 2018, the company’s market value was 15.1 billion U.S. dollars, and a total of 5.1 billion U.S. dollars was raised. In 2017, the location of operations expanded to Canada (especially the Greater Toronto, Hamilton and Ottawa areas) and became a local Uber competitor.

Lyft provides six types of services in the app:

  1. Shared Ride -Carpool service (not available in all cities), this is Lyft’s cheapest service, the system will automatically match passengers in the same direction to match orders.
  2. Lyft -basic service, directly matching the nearest driver and passenger, is the most popular service.
  3. Lyft XL -a vehicle with at least 6 seats for passengers.
  4. Lux -Provide luxury vehicles with more than 4 seats.
  5. Lux Black ——Provide black luxury vehicles with more than 4 seats.
  6. Lux Black XL -to provide passengers with highly rated drivers and black luxury vehicles with more than 6 seats.

According to Second Measure research company, as of the end of 2018, Lyft was the second-ranked ride-hailing company in the United States with a 28% market share.

Lyft, Inc. (LYFT) financing history:

  • In May 2013, Lyft completed a US$60 million Series C financing round led by Andreessen Horowitz, and co-investors included Founders Fund, Mayfield Fund, K9 Ventures and Floodgate Fund.
  • In April 2014, Lyft completed a $250 million Series D financing led by Coatue Management, Alibaba Group and Andreessen Horowitz, bringing its total financing to $332.5 million.
  • In March 2015, Lyft received a US$530 million investment led by Japanese online retailer Rakuten Inc., with a valuation of US$3 billion. Investors in this round also include Janus Capital and private equity investment company KKR , Ballie Gifford, the world’s largest asset management company, and the Public Sector Pension Investment Board, Canada’s largest pension fund.
  • In May 2015, Lyft received an additional US$150 million in investment. Investors including Karl Icahn invested US$100 million at a valuation of US$2.5 billion.
  • On January 4, 2016, Lyft announced the establishment of a partnership with American automaker General Motors . GM invested US$500 million as part of the US$1 billion financing. The cooperation aims to help the two companies accelerate the development of the ride-sharing market and autonomous vehicles. Along with General Motors, Prince-Waleed bin Talal of Saudi Arabia has also invested in Lyft, including the purchase of existing shares worth $148 million from Andreessen Horowitz and Founders Fund.
  • On April 11, 2017, Lyft raised US$600 million from KKR at a valuation of US$7.5 billion (As of April 2017, the company’s market value was US$7.5 billion, with a total fundraising of US$2.61 billion.).
  • In October 2017, Lyft announced that Alphabet Inc. has invested US$1 billion in Lyft through its investment arm CapitalG.
  • In December 2017, Lyft announced that it had received a US$500 million investment from Fidelity Management & Research Company and Ontario Teachers’ Pension Fund.
  • In June 2018, Lyft stated that it had raised US$600 million from existing investors at a valuation of US$15.1 billion (total fundraising exceeded US$4.7 billion).

Lyft, Inc. (LYFT) History:

  • Lyft was launched in the summer of 2012 by Logan Green and John Zimmer. It was originally a service called Zimride. Zimride is a long-distance (usually inter-city) shared driving company founded in 2007.
  • In May 2013, the company officially changed its name from Zimride to Lyft.
  • In July 2013, Lyft sold Zimride to Enterprise Holdings, the parent company of Enterprise Rent-A-Car, so that the company can focus on the development of Lyft.
  • In April 2014, Lyft was launched in 24 new US cities within 24 hours, bringing its total to 60 US cities.
  • In August 2014, the company launched Lyft Line, which is a carpool service.
  • As of January 2016, Lyft has already purchased from General Motors (US$500 million), Alibaba , Andreessen Horowitz, Coatue Management, Didi Kuaidi, fbFund, Floodgate, Fontinalis Group, Fortress, Founders Fund, GSV Capital, Icahn Enterprises , Janus Capital Management , K9 Ventures, Mayfield Fund, Prince Alwaleed’s Kingdom Holdings Company, Rakuten, Tencent , and Third Point Ventures received $2 billion in investment.
  • In January 2017, Lyft announced that it would add another 100 service cities, bringing its total number of operating cities to 300.
  • On June 6, 2017, Lyft announced the establishment of a new partnership with Boston-based self-driving car startup NuTonomy, aimed at eventually bringing thousands of self-driving on-demand vehicles to the market.
  • On July 3, 2018, Lyft acquired Motivate, the largest bicycle rental company in the North American market, and renamed it Lyft Bikes.
  • On August 1, 2018, Lyft announced that it had launched a “monthly” fixed-price taxi service in Charlotte, North Carolina.
  • On August 21, 2018, Lyft announced that through its ride-hailing app, the company has completed more than 5,000 autonomous driving orders.
  • In November 2018, Lyft announced that it would add 28,000 Citi bikes and expand its services.

Lyft, Inc. (LYFT) investment:

Lyft, Inc. (NASDAQ: LYFT) was listed on Nasdaq on 3/29/2019 IPO. The planned issuance price is US$62-68, and the actual issuance price is US$72. It issues 30.8 million shares and raises US$2.22 billion. JP Morgan/ Credit Suisse/ Jefferies/ UBS Securities/ Stifel, Nicolaus/ RBC Capital Markets/ KeyBanc Capital Markets underwriting.

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