Carl Icahn Invests $100 Million in Ride-Sharing Service Lyft

This story originally appeared on Reuters
Carl Icahn Invests $100 Million in Ride-Sharing Service Lyft
Image credit: Lyft

Ride-sharing company Lyft Inc said it raised $150 million, led by a $100 million investment from activist investor Carl Icahn's Icahn Enterprises LP.

Icahn joins a long list of backers for the three-year old startup, including Andreessen Horowitz, New York-based technology hedge-fund Coatue Management, Chinese e-commerce giant Alibaba, and hedge fund Third Point Management.

One of Icahn's managing directors, Jonathan Christodoro, will join Lyft's board, Lyft said in a statement on Friday.

Lyft, known for cars sporting fluffy pink moustaches, uses a smartphone app to match riders with paid drivers who use their own cars rather than livery vehicles.

The San Francisco-based company had raised $530 million in a funding round led by Japanese online retailer Rakuten Inc in March.

That funding round had valued Lyft at about $2.5 billion, which is much less than Uber Technologies Inc's roughly $40 billion valuation.

(Reporting by Sai Sachin R in Bengaluru; Editing by Savio D'Souza)

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