Lyft is one of Uber’s main competitors, but has taken steps to sell itself off to several big tech companies The New York Times reports. Among those companies are investors GM and Didi Chuxing, and even Uber.
As we now know none of those bids have turned out well for Lyft. The closest company to scooping up Lyft was GM who has shown some interest in the company’s growth by investing $500 million into it. In this case it was matter of either Lyft valuing itself too high or GM’s offer being not being sufficient. GM and Lyft are working together for its Express Drive service.
Formed in 2012, Lyft has plenty of time to grow as it is a strong number two in the U.S, but has a lot of ground to cover in other markets. In putting itself on the market it could point to the company not believing it could turn profit in international markets or it wouldn’t be able to do so at a competitive pace.
That aside, Lyft has the war chest to stay afloat and could spin itself off into other services much like competitor Uber—who has recently started doing business with Lyft investor Didi Chuxing following a merger of its Chinese wing.