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Technology / Networks

Lyft expects to hit $1bn in gross annual revenue

Lyft co-founder John Zimmer announced that the ridesharing company expects to reach $1bn in gross annual revenue.

Reaching a $1bn run rate indicates that Lyft has increased market share in several US cities, despite competition from its rival Uber.

Lyft has over a 40% market share in San Francisco and 45% in Austin, Texas.

Reuters reported that Lyft calculated its $1bn run rate from its gross bookings in October, when the company made around $83m from seven million rides.

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Lyft has already raised over $1bn from investors including Carl Icahn, Rakuten, Coatue Management, Alibaba, Andreessen Horowitz, Fortress, and several others.

In September, Lyft partnered with China’s Didi Kuaidi to tackle Uber’s rapid expansion.

The international alliance will allow users of each app to hail drivers who are operating on the other company’s app.

Didi has also invested $100m in Lyft to help boost the competition to Uber.

Founded in 2012, Lyft operates in about 65 US cities, including Los Angeles and New York City. The company plans to expand domestically and internationally.

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CBR Staff Writer

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