Ride sharing is the service we never knew we needed, but are so glad we have. The two main competitors in the industry are Uber and Lyft. Today, WiseDime is going to share you with the numbers that make Lyft stand out from the crowd, as well as their future endeavors to expand their business to even greater heights.
Lyft was created in 2012, and has since raised over $5.1 billion in revenue. Of that $5.1 billion, $1 billion came from the year 2017 alone. They currently hold 35% of the market share, meaning that over one-third of money spent on ride sharing is through their company. In 2017 alone, there were 23 million users, which that number has surely increased since then. Of those 23 million users, they split 375.5 million rides. This number is over 100 times the number of rides shared when the company began five years ago.
Additionally, Lyft just scored an additional $600 million in funding, meaning that they are planning to expand the company. One of the ways they plan on doing this is by delving into the bike-riding business. Lyft spent a reported $250 million on the largest bike rental company in North America. Now, the car company is actually encouraging passengers to ditch cars altogether and pedal their way to work or wherever they need to go.
However, none of this puts them even in the same league as Uber. No matter your preference, Uber is valued at $62 billion, with Lyft coming in only at $15 billion. And those are just the facts.
