Lyft got a vote of confidence from investors in the form of $600 million and a markedly higher share price.
The funding round, led by existing backer Fidelity Investments, boosts the company’s valuation to $15.1 billion, said a Lyft spokeswoman.
That doubles the value of Lyft from a year ago, when the No. 2 US ride-hailing company was gaining ground on Uber.
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Fidelity injected more into Lyft after investing late last year in a deal led by Alphabet’s private-equity arm CapitalG that valued the business at $11.5bn. Senator Investment Group, a hedge fund, participated in the new round, Lyft said.
While Uber has said it plans to go public next year, Lyft has been more circumspect about its intentions. The money would give Lyft a bit more latitude to control the timing of a public offering. The Wall Street Journal reported the financing round earlier Wednesday.
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
UAE currency: the story behind the money in your pockets
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
