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.
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