Inside Lyft: From 2012 to Now Into a $4.9 billion business
Founders: Logan Green, John Zimmer
Founded Year: 2012
Investors: Floodgate, Rakuten, General Motors
Funding Raised: $4.9 billion
What Is the business model of Lyft?
Ride-sharing platform matching riders with drivers who use their personal vehicles, with Lyft taking a commission from fares
How Lyft got started?
Evolved from Zimride into Lyft in 2012, launching a mobile app for on-demand rides with a friendly brand to differentiate from Uber
what growth strategy has Lyft followed?
Emphasized a driver-friendly image and features like tipping, and focused on U.S. and Canadian cities rather than aggressive global expansion, allowing it to carve out a significant niche of loyal users
what are the top products/features of Lyft
Lyft ride-hailing app, Lyft Shared rides, Lyft Bikes & Scooters
what was the biggest challenge faced by Lyft?
Struggled to compete against a much larger rival (Uber) in market share and driver supply, and faced similar regulatory and safety challenges in various cities