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| Thursday, 19 November 2015, 10:03 HKT/SGT | |
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LOS ANGELES, CA, Nov 19, 2015 - (ACN Newswire) - According to Reuters and Bloomberg, John Zimmer, co-founder and CEO of Lyft, said Lyft will have a gross revenue of US$ 1.3 billion on a run-rate basis, and is pushing for 40% market share across U.S, citing independent statistics from credit card companies and downstream partners.
 | | Lyft Pushing for 40% U.S Market Share as Gross Revenue Hit $1.3 Billion |
The second largest ride-sharing company in the United States is effectively gaining market share over Uber in key cities. According to Zimmer, Lyft enjoys over 40% market share now in San Francisco and Austin. Its market share tripled over Uber in New York, a city considered Uber's stronghold. Analysts attribute the success to effective product design. Lyft Line, a ride-sharing option that allows riders to travel cross-town for only $5 and $6, is gaining enormous popularity among the increasingly car-less urbanites of America.
"Uber didn't kill Lyft. As Uber is bending the market, Lyft is scooting through." Sarah Buhr and Alex Wilhelm wrote in TechCrunch, suggesting the market might have over-valued Uber and under-valued Lyft.
Lyft launched aggressive marketing campaigns after a successful round of financing which won the support of leading investment houses, including Coatue, Tiger Global, and the Chinese internet giants Alibaba and Tencent. In particular, Didi Kuaidi, the current market leader in China, put in $100 million. The two parties are also said to be sharing technology and operational expertise in cross-market product development and competition tactics.
Topic: Press release summary
Sectors: Daily Finance, Automotive, Daily News
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