Uber competitor Lyft is pitching traders on a brand new funding spherical and hopes to web a minimum of $500 million, in accordance with a supply aware of the matter.
The $500 million fundraising would worth the ride-hailing service between $6 billion and $7 billion, the supply stated.
A Lyft spokeswoman declined to remark.
Lyft’s fundraising efforts have been ongoing for months, and the corporate retained Qatalyst Companions partly to help them in elevating a recent spherical of money, in accordance with different sources with information of the matter.
Bigger ride-hailing opponents, Uber and Didi, have raised a lot cash that Lyft’s choices of discovering new traders who can write massive checks are fairly restricted.
Uber is valued at about $70 billion and Didi’s valuation is about $35 billion after its merger with Uber’s China operations in August.
(Reporting by Heather Somerville in San Francisco and Sangameswaran S in Bengaluru; Modifying by Amrutha Gayathri)