Google Parent Alphabet Mulling $1B Lyft Investment

Lyft CEO Logan Green
Lyft CEO Logan Green
Author

16 September, 2017

Alphabet and Lyft reportedly held informal talks about a potential acquisition a year ago.

With Uber on the rocks, and one of its own companies fighting Uber, a Lyft investment - if not an outright acquisition - seems to make a lot sense for Google here. In May, the Mountain View, California-based company's self-driving arm, Waymo, and Lyft announced a partnership created to bring autonomous vehicle technology to the masses. While the investment is reportedly far from a done deal, the money could come from Google or CapitalG, the company's private equity arm.

Lyft has already risen more than $2bn worth of funding working with investment backers including the partnership with Waymo to test self-driving cars as well as General Motors, Rakuten, and Floodgate.

It also underscores just how much the relationship between Google and Uber has deteriorated in recent months. Lyft is also in a competition against Uber for the title as the top ride hailing service.

Meanwhile, Uber is also trying to secure additional funding.

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Lyft has a stringent background check policy in place for its drivers, while also ensuring each of its drivers with a $1 million Dollars liability policy.

Neither Alphabet nor Lyft would comment on the report.

Meanwhile, SoftBank reportedly is in talks to invest as much as $10 billion in Uber - a deal that has been rumored to be in the works for weeks, but which threatens to lower Uber's almost $70 billion valuation.

Uber appointed a new chief executive, former Expedia CEO Dara Khosrowshahi, in late August after a string of scandals.

It goes without saying that the autonomous driving space will see a spate of innovations in the next few years, both by technology companies and automakers, as well as by smaller startups.


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