April 14, 2021
Google Grows its Investment in Lyft

Google Grows its Investment in Lyft

As the ride-sharing service that seems to be the only one that truly gives Uber a run for its money, Lyft is a progressive and dynamic ride-sharing service that seems to continue to do things the right way. This service has been able to offer a large number of rides around the country and has been growing in a variety of ways. For the future of this company is going to continue to grow and the latest new development will certainly make a huge difference in what this particular ride-sharing service will grow.

The newest development is an investment that’s being made by Google’s Alphabet sub-brand, CapitalG, which has invested an additional $500 million into the ride-sharing app to help make Lyft the right app for more people to choose. This investment allows the raised capital by the Lyft company to come to a full $1.5 billion and allows the company to have a post-investment valuation of nearly $11.5 billion. This valuation allows the company to have the resources to grow and offer more ride services around the country in order to make it possible for the growth to keep up with and compete with Uber.

How Else Can this Investment Help?

Its no secret that Google is the owner of the Waymo self-driving project and they have been testing the Chrysler Pacifica minivans in different areas of the country to allow them to be able to drive autonomously on the roads they are tested on. With this investment and continued interest in the Lyft company, there is a serious consideration that can be made to allow the Waymo vehicles to become part of the Lyft fleet in the future. The technology used in the Waymo fleet may even be added to the current Lyft models for the drive as well.

This year the number of rides offered by Lyft reached 162.6 million as it showed an expansion into all fifty states and into the Toronto and Ontario markets of Canada. This is certainly a lot of rides that took place this year so far and it’s only going to grow to be more rides for the drive. As Google becomes more heavily invested in Lyft there will be more of a partnership that will grow with the two companies in order to make sure the autonomous driving technology that will be developed can be offered for more Lyft drives.

Using the smartphone app, a Lyft ride can be requested to make sure you can have a ride to where you need to go. This company has recently acquired a permit to test the self-driving cars on the public roads in California. This same permit has been given to other companies that also have self-driving cars being tested including Audi, Apple, Samsung, and Tesla. It seems, the investment made by Google into Lyft is going to make a huge difference and we should see growth between Lyft and Waymo in the near future.