Lyft, the American ride sharing company raises USD500 million

Lyft

Lyft, one of the competitors to Uber, Grab and other ridesharing companies has raised additional USD500 million from fresh a funding round.

The latest funding round now puts its valuation near USD7 billion.

The competition between Uber and Lyft has become intense as both companies struggle to shore up their valuation and cash reserve in order to have enough fire power for the market.

Investors in this new funding round have not been disclosed, however, more details are expected to come out in the coming weeks.

With the new funding, Lyft will have enough muscles to flex with Uber its arc-rival.

Lyft help commuters to share rides with friends, classmates and coworkers going the same route. The company was founded in 2012.

It investors till date are Alibaba, Andreesen Horowitz and Didi Chuxing. The company has recently carried out some acquisitions such as FinitePaths Inc, Camoji and Leo Me, Inc.