New funding takes Lyft valuation to $15 billion


LONDON: US based Ride-hailing startup Lyft has raised $600 million in a new funding round, the company reported on Wednesday.

This doubles the firm’s valuation from last year to $15.1 billion this year.

The new funding will put Lyft in a strong position to compete with its biggest rival Uber Technologies Inc.

The new funding round is led by Fidelity Investments, which has poured around $800 million into Lyft so far.

Lyft operates in the same number of U.S. cities as Uber, and has recently expanded into Toronto, Canada.