According to a Delaware state filing, Lyft, the ride-hailing company up against Uber, plans to raise as much as $1 billion in new funds.
Bloomberg reports that the company didn’t indicate how much had been raised in the recent filing, nor did it list a valuation. Even so, the group was valued at around $2.5 billion back in March.
Last month, the technology site revealed that documents prepared by Credit Suisse Group AG showed Lyft heads had been in talks to raise $500 million. Now, Lyft could potentially double its money in the bank in a big effort to fund an ongoing fight against Uber.
Various financial experts have had their say on Lyft’s standing, with Sven Weber estimating the pre-money valuation at around $4.5 billion. Elsewhere, VC Experts’ Justin Byers estimates $3.9 billion.
Right now, Lyft is selling shares at $26.79, which The Wall Street Journal points out as a 38% increase per share ‘compared with its prior round, raised over the summer’. The group has partnered with some big Uber rivals in Asia, such as China’s Didi Kuaidi and Singapore’s GrabTaxi, in order to spread its global influence.
Despite the figures we’ve seen, Uber is still the top dog from a financial standpoint, and by a significant margin. The group, which operates in over 50 countries, is labelled as the most valuable startup in the world and could be valued as high as $70 billion, CNN reports.
A Lyft spokeswoman declined to comment.
Source: Bloomberg
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