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

Carl Icahn Invests $100 Million in Ride-Sharing Service Lyft
Image credit: Lyft
  • ---Shares

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)

Latest News and Headlines from Reuters

Next Article:
Microsoft Unveils 'Project Scorpio' Game...

This website uses cookies to allow us to see how our website and related online services are being used. By continuing to use this website, you consent to our cookie collection. More information about how we collect cookies is found here.