Published: Fri, September 15, 2017
Research | By Raquel Erickson

Google may invest $1 billion in Lyft

Google may invest $1 billion in Lyft

In case we needed more proof that Google and Uber really are done with each other, Google parent company Alphabet is reportedly considering a major investment in Lyft. However, should Alphabet proceed, it could result in Google investing somewhere around $1 billion in Lyft, something that itself was recently tipped as eyeing a possible expansion of its services into Canada.

It isn't clear when the talks took place or whether a deal will materialize. The investment could come from Google or CapitalG, Alphabet's investment division.

Axios separately reported that "top-level company executives like Alphabet CEO Larry Page" are driving the negotiation.

An injection of support from one of Silicon Valley's largest companies could be a boost to Lyft as the No. 2 ride provider battles rival Uber Technologies Inc for market share. Waymo and Lyft have a partnership to test self-driving cars, and perhaps eventually build a network.

Alphabet is no stranger to the ride-hailing scene.

It also underscores just how much the relationship between Google and Uber has deteriorated in recent months.

Additional investment could further push off discussion of an initial public offering, which Lyft had planned likely for 2018, according to sources close to the company. The news came from a report by The Information, which stated that Lyft is getting ready to start a business in Canada, which would be the California-based company's first global expansion.

Like this: