9 years ago
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Lyft Raises $530 Million in Fight With Uber
Ridesharing startup Lyft has new capital and a new ally in its war against Uber. Japanese e-commerce giant Rakuten led a $530 million round of funding for Lyft in a deal that closed this week. The financing, which also included new investor Fortress Investment Group FIG +2.25%, values three-year-old Lyft at more than $2.5 billion. The capital gives Lyft more ammunition in its uphill battle against larger foe Uber, which has raised over $5 billion in funding and is...
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So much money. I don't even know one person who uses Uber or Lyft. Maybe I'm out of the loop or soemthing, I just don't see why I shouldn't just call a cab when I need a ride.
The taxi business in San Francisco, as in many places, is a racket. Licensed cabs are kept ridiculously scarce, so much so that cabs are just an unrealistic option much of the time. In that market, a quick tap in an app, a waiting car in a minute and a half, and a known fare set in advance, makes a lot of sense.