Logan Green and John Zimmer launched Lyft on June 9, 2012. Within a short period, they began offering stiff competition to Uber. Lyft is presently the 2nd largest ride-sharing service provider in the US after Uber, with a market share of 30%. From its launch in San Francisco, Lyft has raised about $5 billion from investors with deep pockets such as Alphabet and General Motors.
The massive infusion of capital facilitated Lyft to issue its first IPO on March 29, 2019, which enabled the company to raise $2.34 billion. Lyft happened to be the first and foremost ride-sharing firm to issue an IPO. Lyft a valuation of approximately $29 billion in March 2019. The company operates app software offering ride-sharing of bicycles and motorized scooters, vehicle hire, and food delivery services. Headquartered in San Francisco, Lyft offers its services across 644 cities and towns in the US.