Uber is among the biggest names in the markets these days. The company has been growing with every passing day, and has now become an international giant. While there happens to be very little competition operating at the scale Uber does, local competitors are a threat. Lyft, which operates in the United States is among some of its biggest competitors. There are other threats in other local markets too, such as Ola in India. However, this company has been the biggest threat to Uber over the years.
General Motors had recently wondered upon buying out the company. They are among the biggest investors in Lyft, and were now willing to acquire it. However, the deal has fallen through. The cab aggregator hired Qatalyst to gather more offers. The company approached the likes of Alphabet, Amazon, Apple and Microsoft over the same.
The company was quoting an asking price of $9 Billion initially, following which the GM deal fell through. After that they agreed to go down a little, but none of the potential names showed an interest, and Lyft is continuing their struggle for increasing market share on their own. The last evaluation showed them to be worth $5.5 Billion. In late 2015, Uber was evaluated to be around $62.5 Billion.
The competition that Lyft faces from Uber is immense. In a month where they did their best, they managed 14 million rides a month. However, in the same month, Uber stood tall at 62 Million rides. Uber recently sold off their China operations to Didi, and are now looking to boost their work in US and India. Two of their biggest markets. There, however, still exists a chance that Lyft might end up being sold off to General Motors, although at a much lower price than the $9 Billion tag they were demanding.