Thu, 18 Oct 2018

Lyft to launch its ride-hailing app in Toronto

By Sheetal Sukhija, North America News
14 Nov 2017, 09:40 GMT+10

TORONTO, Canada - The ride-hailing app, Lyft, after recording success in the U.S. has now announced its first international expansion outside the country. 

The company, known for its fuzzy, pink-moustached cars announced on its blog that it would be launching in Toronto next month.

The company’s announcement comes amid its current strategy of aggressively expanding in the U.S.

Lyft has over the current period benefited from problems affecting its rival, Uber.

Currently, the Lyft app is available to 95 percent of the U.S. population, up from 54 percent at the start of the year.

The company has said that its service would be available in Toronto "to help ring in the holidays.”

Lyft said in its announcement that it was accepting applications for drivers, but did not offer additional details.

In 2016, after a period of clashes between Uber, regulators and traditional taxis - Toronto approved rules that would allow ride-hailing services to operate.

Ever since his launch, the company has been U.S.-focused and has avoided the controversy that swirled around Uber as its larger rival expanded to dozens of countries abroad.

Lyft is believed to have repeatedly met with London regulators and has partnerships with Ford and General Motors, as well as with international ride-hailing apps like India's Ola.

This year, the company has raised $1.6 billion in financing, with contributions from Google parent company Alphabet's investment arm and Canada's Public Sector Pension Investment Board. 

Lyft has now said that that it is now worth $11 billion.

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