Ride-hailing company Lyft reached a major milestone last month, celebrating its one billionth ride as the service continues to expand into new cities and regions.
Lyft hit the 500 million-ride mark in October 2017 and has since entered 20 new markets, including Canadian cities such as Toronto and Ottawa, contributing to that rapid growth.
Founded in 2012, Lyft has discussed plans to pursue an initial public offering, with 2019 mentioned as a potential timeframe. While Lyft’s growth has been strong, it remains smaller than rival Uber, which recorded its billionth ride in December 2015 — roughly 5.5 years after launching — and has since scaled to operate in many more markets. Uber reported reaching 10 billion rides in July and maintains a presence across dozens of countries.
Shifts in market dynamics allowed Lyft to capture a larger share as Uber’s rapid expansion moderated. Current estimates put Lyft’s market share at about 29 percent, with Uber holding approximately 69 percent.
“We are incredibly motivated knowing that each individual ride can make a difference in people’s lives, and we appreciate the community of drivers and passengers who made this possible,” said Lyft co-founder and president John Zimmer, reflecting on the milestone and the company’s continued focus on riders and drivers.