English | 简体中文 | 繁體中文 | 한국어 | 日本語
Thursday, 19 November 2015, 10:03 HKT/SGT
Share:
Lyft Pushing for 40% U.S Market Share as Gross Revenue Hit $1.3 Billion

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
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
Trio AI Establishes Partnership Ecosystem for Artificial Intelligence Super Computing (AISC)  
Dec 23, 2024 09:07 HKT/SGT
Hong Kong Vocational Education Service in Joint Construction of the 'Belt and Road' Vocational Education Symposium  
Dec 23, 2024 09:04 HKT/SGT
Summit Group Responds to White Paper Citing Governance Issues in Bangladesh's Power and Energy Sector  
Dec 23, 2024 09:00 HKT/SGT
Huatai Securities Achieves MSCI ESG AAA Rating, the Highest Rating among Global Investment Banks  
Dec 23, 2024 08:59 HKT/SGT
The finest places to live, work, and thrive in Asia are celebrated at the 19th PropertyGuru Asia Property Awards Grand Final  
Dec 23, 2024 07:50 HKT/SGT
Mainland China, Hong Kong, Macau companies triumph at finale of 2024 PropertyGuru Asia Property Awards   
Dec 22, 2024 20:50 HKT/SGT
The 2024 PropertyGuru Asia Property Awards International Luncheon celebrates real estate achievements in the Middle East and South Asia  
Dec 22, 2024 19:30 HKT/SGT
Virturo Elite Club: Unlock Exclusive Wealth-Building Opportunities for High-Net-Worth Individuals  
Dec 21, 2024 08:00 HKT/SGT
Pathwizz Redefines Trust in Digital Transactions with Award-Winning Support and Verified Platforms 'Wizz Support'  
Dec 21, 2024 07:00 HKT/SGT
VAP Group's Global AI Show Explores the Future of AI with Over 3,000 Participants  
Dec 20, 2024 22:46 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575