Lyft secures US$530m in Rakuten-led funding round

Washington

LYFT has raised the stakes in its ambitious drive to take on Uber, saying it has raised US$530 million in a funding round led by Japanese e-commerce giant Rakuten to fuel expansion in the US and abroad.

The latest investments peg the value of Lyft at US$2.5 billion, media reports said, making it a significant but smaller ride-sharing rival to the globally oriented Uber, valued at US$41 billion.