Lyft valued at $600 million in latest funding round

Its investors include KKR & Co, AllianceBernstein and Baillie Gifford. Lyft has a market share of 35% in the U.S.

Following a funding round in which it raised $600 million, Lyft Inc said the its latest funding round was led by Fidelity Management which saw the ride-hailing firm’s valuation jump to $15.1 billion in little more than a year.

The funding round marks Fidelity as one of Lyft’s largest investors with $800 million in investment.

The ride-hailing firm has 35% market share in the U.S. and its investors include KKR & Co, AllianceBernstein and Baillie Gifford.

Earlier this year in May, Lyft’s rival Uber had stated it would hold a secondary stock sale for employees and existing investors that would value the company at $62 billion, up from the $48 billion.

Incidentally, Lyft operates in roughly the same number of U.S. cities such as Uber, as well as in Toronto, Canada.

Although Uber operates across the globe, it has recently retreated from China, Southeast Asia and Russia after losing billions of dollars competing with local rivals.

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