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Alphabet mulling $1 billion investment in Lyft

Alphabet mulling $1 billion investment in Lyft

Alphabet mulling $1 billion investment in Lyft

Bloomberg, citing unnamed people "familiar with the matter", on Thursday reported that Alphabet has been talking with Lyft in recent weeks about making a "potential investment" in the rideshare company.

Alphabet has been exploring closer ties with Lyft ever since it fell out with Uber.

In May, Alphabet's self-driving auto unit Waymo and Lyft announced a partnership to work together on developing self-driving technology; neither offered many details of the agreement.

The possible investment is extremely interesting because of the fact that Google also invested in Uber back in 2013. And Waymo teamed up with Lyft in May to test autonomous vehicle technology. Interestingly, Alphabet also holds a stake in Uber through its GV venture capital arm.

Lyft and Alphabet's friendly relationship ramped up last spring.

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Throughout the year, Lyft has claimed its position as the dominating ride hailing service, as its competitor Uber fell off the radar.

As well as benefitting the company itself, the investment could give popular ride-hailing company Uber a run for its money, after already coming into trouble this year replacing its CEO and being brandished for inequality and sexual harassment.

With a billion dollars in its wallet, Lyft could take advantage of this by increasing its market share in the US.

Lyft could certainly do with the funding as it tries to play catch up with Uber.

Lyft has as of late been concentrating on controlling spending, and thusly, an Alphabet speculation would help the San Francisco startup support development by offering endowments to drivers, rebates to riders et cetera. Prior to working with Uber, Didi also had a partnership with Lyft that allowed Lyft customers to hail Didi rides from the Lyft app when they were in China, and vice versa.

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