San Francisco-based ride sharing startup, Lyft has raised $530 million funding led by Japanese e-commerce company Rakuten. It is taking an 11% stake in the firm for $300 million.
The company will use the raised funding to deepen its presence in the 65 markets where it operate, and expand into new cities. Also, it will continue hiring the new talent to develop technology that reduces traffic, takes cars off the road, builds community and improves the economy.
Started in 2012, Lyft is a peer-to-peer transportation platform that connects passengers who need rides with drivers willing to provide rides using their own personal vehicles.
Almost an year ago, the company had secured $250 million in Series D round with participation from Alibaba. Including this round, the firm has received a total capital of $862.5 million in 7 rounds from 17 investors. It has acquired three companies till date including Hitch, Rover and Cherry.