Lyft valued at $7.5 billion in new funding round

There is a significant rise from its last funding round which had valued the company at $5.5 billion.

In a major milestone for Lyft Inc, in the latest funding round of the ride services company, it has mopped up at least $500 million thus bringing about its valuation to $7.5 billion, said a source close to the company.

With Uber’s future largely tied down by a lawsuit filed by Alphabet’s Waymo in which it has accused Uber of stealing crucial technologies, San Francisco-based Lyft is quickly sizing up to take on its much bigger rival Uber Technologies Inc.

Lyft’s last funding round, which occurred more than a year ago, had valued the company at $5.5 billion, the latest funding round has seen a sharp rise to $7.5 billion.

As per a source, Lyft had previously expected to command a valuation ranging from $6 billion to $7 billion.

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