(P3PWriter) – Lyft Inc stated on Wednesday it raised $600 million in a brand new funding spherical led by Constancy Administration, doubling the ride-hailing agency’s valuation to $15.1 billion in little over a 12 months.
The funding makes Constancy considered one of Lyft’s largest buyers with $800 million in funding. Lyft, which has 35 % market share in the US, has buyers together with AllianceBernstein, Baillie Gifford, and KKR & Co (KKR.N).
Rival Uber in Might stated it will maintain a secondary inventory sale for workers and present buyers that might worth the corporate at $62 billion, up from the $48 billion valuation it commanded in a secondary sale late final 12 months.
Lyft operates in roughly the identical variety of U.S. cities as Uber, in addition to in Toronto, Canada. Uber operates throughout the globe, though it has retreated from Southeast Asia, Russia and China after shedding billions of competing with native rivals.
Reporting by Munsif Vengattil and Vibhuti Sharma in Bengaluru; Enhancing by Arun Koyyur