Ride-hailing service Lyft has raised $600m, valuing the company at $7.5bn, in a round that included KKR, Alliance Bernstein and Baillie Gifford. "We have big plans on the horizon, and will continue investing in new technology and hospitality", Lyft said in a statement. The deal is expected to close by the end of this year, with an initial public offering planned for next year. In 2016, Lyft as well as Uber posted losses. Rival Uber, which may be valued at as much as $70bn, has been the subject of law suits and social media boycotts this year.
Ride-hailing service Lyft has raised $600m, valuing the company at $7.5bn, in a round that included KKR, Alliance Bernstein and Baillie Gifford. "We have big plans on the horizon, and will continue investing in new technology and hospitality", Lyft said in a statement. The deal is expected to close by the end of this year, with an initial public offering planned for next year. Rival Uber, which may be valued at as much as $70bn, has been the subject of law suits and social media boycotts this year.