Google parent Alphabet is preparing to invest around USD 1 billion in ride-hailing company Lyft in an effort led by CEO Larry Page, according to a report by Axios. A subsequent report from Bloomberg suggested the money may come from Google or CapitalG, Alphabet’s private-equity arm. The group is also a shareholder in Lyft’s main US rival Uber through its GV venture capital arm, but Waymo, a unit of Alphabet, is currently suing Uber over self-driving car technology.
The reports indicate that the investment would allow Lyft to launch aggressive driver and rider promotions and spend more on marketing after raising USD 600 million earlier this year. It also signed a partnership with Waymo to work together on testing self-driving vehicles.
