Ride-sharing service Lyft on Wednesday said it has secured new funding that sets the company’s valuation at $15.1 billion, or roughly one-quarter the value of its chief rival, Uber.
The San Francisco-based company said Fidelity Management was leading a new $600 million financing round alongside Senator Investment Group. The latest round effectively doubles Lyft’s valuation from one year ago, the Wall Street Journal reported.
“As Lyft grows, we will double down on our values, and invest in the vision that cities should be built around people, not cars,” Lyft said in a blog post. “We are committed to delivering the best possible experience for all members of the Lyft community, and we appreciate our drivers, passengers, and team members who help make this continued progress possible.”
Uber is valued at roughly $62 billion and is said to be close to an IPO. Lyft has also considered going public, but is not expected to do so before its rival.
Both privately held, Uber and Lyft are the two largest companies in the ride-sharing sector in terms of market share. Lyft has gained ground on its rival amid a wave of safety and legal issues for Uber, which has revamped many of its internal policies under new CEO Dara Khosrowshahi.
Uber posted gross revenue of $37 billion in 2017, according to the Associated Press. The company said in February that it holds a 70% share of the ride-sharing market.