Lyft In Talks For $1 Bln Investment From Google Parent Company

Lyft In Talks For $1 Bln Investment From Google Parent Company

Lyft In Talks For $1 Bln Investment From Google Parent Company

Alphabet Inc.'s (GOOGL) search unit is reportedly exploring an investment in Lyft, Bloomberg reports.

An investment in Lyft would complicate an already confusing mix of alliances and. Alphabet's self-driving auto unit, Waymo, has sued Uber claiming that an engineer who left Waymo for Uber stole and shared proprietary information. The investment could come from Google or CapitalG, Alphabet's investment division.

Google's parent company isn't the only firm showing interest in Uber's main competitor, with SoftBank CEO Masayoshi Son revealed he has interest in making an investment into either Lyft or Uber last month.

"We're looking forward to working with Lyft to explore new self-driving products that will make our roads safer and transportation more accessible", a Waymo spokesperson said at the time. Interestingly, Alphabet also holds a stake in Uber through its GV venture capital arm.

If the deal goes through, the cash infusion would come as Lyft is capitalizing on larger rival Uber's series of embarrassing stumbles and setbacks.

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Ahead of Lyft are Uber, which has raised $15.1 billion with a current valuation of $68 billion; Didi Chuxing, which has raised $14.1 billion; and Singaporean ride sharing company Grab, which has raised $3.44 billion. The lawsuit alleges that Mr. Levandowski took more than 14,000 confidential files on his way out the door and provided them to Uber's self-driving division when the company hired him later that year. Either way, this can't be good news for Uber.

Google and Lyft declined to comment for this story.

That sort of money would allow Lyft to ratchet up its competition for drivers domestically - Uber has long used the billions in its coffers to help lure drivers with incentives - as well as consider an worldwide expansion.

Lyft could certainly do with the funding as it tries to play catch up with Uber. It would allow the company to expand its technology and services.

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