April 6, 2017 / 6:23 PM / 8 months ago

Lyft valued at $7.5 billion in new funding round: source

SAN FRANCISCO (Reuters) - Ride services company Lyft Inc has nearly completed a funding round of at least $500 million, valuing the company at $7.5 billion, according to a source close to the company.

A Lyft driver from Sacramento, navigates a Lyft app on a smartphone during a photo opportunity in San Francisco, California February 3, 2016. REUTERS/Stephen Lam

San Francisco-based Lyft has been in fundraising mode for some time as it spends heavily to compete with its much bigger rival Uber Technologies Inc [UBER.UL]. The $7.5 billion valuation marks a sharp increase from the $5.5 billion valuation at Lyft’s last financing more than a year ago.

Lyft had previously expected to command a valuation of between $6 billion and $7 billion in its newest funding round, but the source said the valuation had been revised upward.

Reporting by Heather Somerville

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