Tuesday, 18 December, 2018

Ride-hailing service Lyft to make first international foray in Toronto

Theresa Hayes | 13 November, 2017, 19:16

Ride-hailing startup Lyft has unveiled its intensions for expanding outside the U.S. for the first time just weeks after landing a sizeable $1bn led by tech giant and Google owner Alphabet.

In an email sent to CP24, Lyft spokesperson Daniel Moulton said the expansion will be bringing a "new affordable transportation option" to Toronto consumers.

The company operates in hundreds of USA cities and Toronto will be its first worldwide market.

Lyft has been expanding in the United States market as Uber's image has taken a hit in recent months.

Lyft is now available in its first global city: Toronto.

For a brief period a year ago, Uber was profitable in the United States and Canada, the company said.

The company said it was accepting applications for drivers, but did not offer additional details and did not respond to a request for comment.

Lyft is crossing into Canada at a time when rival Uber has opted out of operating in Quebec, Canada's second-most populous province, to avoid following tough new regulations for drivers.

Lyft raised $1 billion in October, in a financing round led by CapitalG, the growth investment fund of Alphabet Inc and had in September hired an initial public offering advisory firm. It has also been expanding its partnerships including with General Motors and the former Google Car unit now called Waymo. The company says it is now worth $11bn.