GM Invests $500 Million in Lyft

January 4, 2016 1:46 PM

26 0

GM Invests $500 Million in Lyft

General Motors Co. will invest $500 million in Lyft Inc., giving the ride-hailing startup a valuation of $5.5 billion and a major ally in the global battle against Uber Technologies Inc.

The investment, part of a $1 billion financing round for Lyft, is the biggest move by an automaker to date when it comes to grappling with the meteoric rise of the ride-hailing industry.

Also read: Vedanta to invest 200 bln rupees over 3 yrs to expand aluminium capacity

Read more

To category page

Loading...