Alphabet Chatting with Lyft About Possible $1 Billion Investment

Alphabet Chatting with Lyft About Possible $1 Billion Investment

The investment looks set to be a total of $1bn, with the capital coming from Google or Alphabet's private equity firm CapitalG.

Alphabet is no stranger to the ride-hailing market following early investments with Lyft's biggest rival, Uber.

An unnamed source told Bloomberg that Alphabet's investment could amount to $1 billion.

Amid Uber's struggles, several investment funds already have marked down their shares in the company by as much as 15 percent - bad news as the startup gears up for an eventual IPO.

While the relationship was deteriorating, Waymo signed a pact with Lyft to be a partner on the testing of autonomous vehicles.

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It was not immediately clear how large an investment Alphabet might make. Although the online search giant did invest millions of dollars into the ride-hailing company, it's also now battling with it in court. They plan to bring autonomous vehicle technology into the mainstream through pilot projects and product-development efforts.

Uber is trying to develop the technology and commercialize it itself, but Waymo and Lyft could divide the work. Either way, this can't be good news for Uber. And although a deal could still fall through, the timing suggests that Lyft is capitalizing on Uber's recent stumbles, taking the opportunity to grow its war chest while its better-funded competitor is busy licking its wounds. Lyft is also in a competition against Uber for the title as the top ride hailing service.

That sort of money would allow Lyft to ratchet up its competition for drivers domestically - Uber has long used the billions in its coffers to help lure drivers with incentives - as well as consider an worldwide expansion.

Neither Alphabet/Google or Lyft have commented on the rumor.