Timeline of Lyft
This is a timeline of Lyft, a car-hailing platform.
|Time period||Key developments at Lyft|
|2012–2014||Lyft launches in San Francisco, and expands to at least 60 different cities by 2014. A year after launch, it gives 30,000 rides a week. By August 2013, it hits a million completed rides.|
|2014–2016||Lyft gets Series E and Series F round investments (including from General Motors), increasing its total raised to $1 billion and its valuation to $2.5 billion.|
|2017||Lyft expands to cover around 94% of U.S. residents, up from around 60% at the start of the year. The company reaches valuaton of US$11 billion. 375.5 million rides are reported, an increase of 130% over the previous year. The number of Lyft passengers grows 92% from 2016, to 23 million, and the number of Lyft drivers doubles to 1.4 million.|
|2018||Lyft announces plan to become completely carbon neutral. The company reaches valuation of US$24 billion. Revenue is reported at US$2.2 billion and net loss of $911.3 million.|
|2019||Lyft files its Initial public offering.|
|Year||Month and date||Event type||Details|
|2012||June||Company||Lyft launches in San Francisco by Logan Green and John Zimmer as a service of Zimride, a ridesharing company the two founded in 2007.|
|2013||January||Funding||Lyft raises $15 million in Series B led by Founders Fund.|
|2013||January 30||Expansion||Lyft expands to Los Angeles.|
|2013||May||Funding||Lyft completes a US $60 million Series C venture financing round led by Andreessen Horowitz; the other investors were Founders Fund, Mayfield Fund, K9 Ventures, and Floodgate.|
|2013||July||Partnerships||Lyft sells Zimride to Enterprise Holdings, the parent company of Enterprise Rent-A-Car, allowing Lyft to focus exclusively on the growth of Lyft.|
|2013||October 3||Expansion||Lyft announces its expansion to Silicon Valley.|
|2014||April||Funding||Lyft completes a $250 million Series D financing round led by Coatue, Alibaba, and Andreessen Horowitz, bringing its total amount raised to $332.5 million.|
|2014||April||Funding||Lyft announces it will temporarily stop taking 20% commissions from drivers, as it experiments with cutting user fares by 20%.|
|2014||April 24||Expansion||Lyft announces it will expand in 24 new markets, bringing its total number of markets to 60. These markets include Ann Arbor, Mich.; Fairfield County & New Haven, Conn.; Fresno, Calif.; Jacksonville, Fla.; Louisville, Ky.; Modesto, Calif.; Newark & North Jersey; Oklahoma City, Okla.; Raleigh-Durham, N.C.; San Bernardino, Calif.; and Tulsa, Okla.|
|2014||July||Product||Lyft rewrites all its code from Objective C to Swift, which makes the code tighter and easier to maintain.|
|2014||July 24||Expansion||Lyft launches in New York City. The New York Supreme Court in Manhattan forces Lyft to delay its planned launch in Brooklyn and Queens in response to complaints filed by the attorney general's office.|
|2014||August 4||Product||Lyft announces Lyft Line, a carpooling service that lets multiple people ride together when they share a common route.|
|2014||August||Competition||Journalists confirm that Uber has been sending so-called brand ambassadors to order Lyft rides undercover and then persuade the drivers to defect to Uber.|
|2014||August||Product||Lyft announces that it will reintroduce 20% commissions on rides, provide Lyft’s first revenue since April, when the company slashed prices and said it would temporarily suspend its cut of all fares.|
|2014||November 4||Legal||Lyft accuses former COO Travis VanderZanden (who left Lyft for Uber) for breach of his confidentiality agreement and fiduciary duty. This lawsuit is settled by June 2016.|
|2015||March||Funding||Lyft raises a $530 million Series E investment led by Japanese online retailer Rakuten Inc.|
|2015||March||Product||Lyft announces Lyft Carpool, which lets it go back to its Zimride roots, by allowing passengers to carpool outside of city limits.|
|2015||April||Team||Lyft hires Rex Tibbens, former vice president of Amazon logistics, as its chief operating officer.|
|2015||May||Funding||Lyft raises $150 million in second Series E led by a $100 million investment from Carl Icahn. This increases the total raised to over $1 billion and the valuation to $2.5 billion.|
|2015||June 25||Partnerships||Lyft announces a partnership with Starbucks, which connects Lyft with Starbucks’s rewards program and creates perks for drivers: Lyft drivers automatically get Gold status in the Starbucks Rewards loyalty program, while Lyft passengers earn points in the rewards program with each ride.|
|2015||September 16||Competition||Didi Kuaidi, the dominant Chinese player in China's ride-hailing market, announces a $100 million investment in Lyft, the second biggest player in the United States ride-hailing market after Uber. In addition, the companies announce a strategic partnership, where people can use the Lyft app to get rides using Didi Kuaidi in China, and vice versa.|
|2015||September 30||Company||Lyft announces its second engineering hub in Seattle.|
|2015||December||International||Lyft's alliance grows to include Didi Kuaidi (China), Ola Cabs (India), and GrabTaxi (South-East Asia) (all of which have Softbank as an investor). This is widely seen as an attempt by the companies to keep Uber at bay. All the other companies in the partnership are market leaders in their respective regions of focus.|
|2016||January 4||Funding||Lyft announces a partnership with U.S. automaker General Motors, which invests $500 million as part of a Series F $1 Billion fundraising effort. The partnership is designed to help both companies accelerate in the ride-sharing market, as well as the autonomous car arena.|
|2016||March||Partnerships||Lyft launches Express Drive, a car rental program through which Lyft drivers can rent a GM vehicle to drive on the platform.|
|2016||March||Product||Lyft and General Motors announce partnership to test-drive electric taxis.|
|2016||May 7–9||Local retreat||On May 9, Uber and Lyft cease operations in Austin, Texas. This is in response to a city ordinance upheld by Austin voters on May 7 that would require drivers for Uber, Lyft, and other transportation network companies to get fingerprint checks, to have their vehicles labeled, and to not pick up and drop off in certain city lanes.|
|2016||May 23||Product||Lyft announces that it will now allow users to schedule trips ahead of time.|
|2016||June||Partnerships||Walmart decides to test grocery delivery with both Uber and Lyft.|
|2016||June 27||Partnerships||Lyft announces that it has been working with Qatalyst Partners LP, in exploring its options for a future acquisition. It has been unable to find an acquirer as of August 2016.|
|2016||August 1||Local retreat, competition, mergers||Lyft's ally Didi Chuxing (formerly Didi Kuaidi), the dominant player in China's ridesharing market, agrees to buy Uber China, Uber's business in China.  The Uber brand will be retained, but Didi would “integrate the managerial and technological experience and expertise of the two teams.” Uber, which has reportedly lost $2 billion trying to make inroads in China, would therefore be able to cut its losses and focus on the rest of the Asian market. Commentators speculate on the effect this would have on Lyft, Ola Cabs, and GrabTaxi, that had entered into a technology and service alliance with Didi in December 2015.|
|2016||August 6||Product||Lyf allows to make multiple stops on a trip with a new feature offering riders the ability to input an extra destination within the app. Passengers would be able to input their first destination, then add a second final destination by tapping the “+” icon on their app. They would also be able to remove a destination during the ride by tapping on it and selecting “Remove stop.” Like Uber, Lyft does allow passengers to change destinations mid-trip.|
|2016||September||Company||Lyft establishes in Crystal City, Arlington, Virginia, as the new Mid-Atlantic regional headquarters for the company.|
|2016||November 29||Product||Lyft adds option for passengers to get upfront pricing for each ride, by allowing the passenger to input the pickup location and exact destination address, and get an exact price quote for the ride, not just an estimated price range.|
|2017||January 29||Donation||Lyft co-founders Logan Green and John Zimmer commit US$1 million in donations to the American Civil Liberties Union, to be spread over the next four years, "to defend the constitution".|
|2017||March 26||Product||Lyft announces new program that lets riders top off their fare to the nearest dollar, and donate the difference to one of a group of selected charities.|
|2017||April 11||Funding||Lyft raises a total of US$600 million in new funding at a $7.5 billion valuation.|
|2017||May 14||Partnerships||Lyft signs deal with Alphabet Inc’s self-driving car unit Waymo, with the purpose to bring autonomous vehicle technology into the mainstream through pilot projects and product development efforts.|
|2017||June 26||Product||Lyft announces pickup suggestions in its app update, making it easier for drivers to pick riders up without having to do traffic gymnastics, while also hopefully saving riders time.|
|2017||September 7||Partnerships||Lyft partners with American technology company Drive.ai to launch fleet of self-driving cars.|
|2017||October 20||Funding||Lyft secures a US$1 billion investment from a Google-led consortium, and reaches a valuation of US$11 billion.|
|2018||March 14||Canadian automotive parts supplier Magna International announces US$200 million in investment in Lyft, to manufacture self-driving cars.|
|2018||March 15||Product||Lyft announces testing a monthly subscription plan for people who tend to take a lot of rides.|
|2018||April||Financial||Lyft announces in its blog post that as of last month, its drivers were making US$18.83 an hour, on average, while working, including idle time they spent waiting for requests. In Lyft's top 25 markets, that average bumped up to $21.08 an hour.|
|2018||April 19||Lyft announces plan to invest millions of dollars in effort to become completely carbon neutral. Within the first year of the effort, the company says it expects to be able to offset about one million metric tons of carbon.|
|2018||June 27||Funding||Lyft raises an additional US$600 million in financing round led by Fidelity Investments, pushing its post-money valuation to $15.1 billion.|
|2018||July 2||Acquisition||Lyft announces the acquisition of Motivate –a New York-based company that operates bikeshare systems, for a reported US$250 million.|
|2018||September 6||Product||Lyft launches its scooter business by introducing its first electric scooters in Denver.|
|2018||December 6||Financial||Lyft announces that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission, relating to the proposed initial public offering of its common stock.|
|2019||March 18||Financial||Lyft sets a price range for its initial public offering, predicting investors would buy the stock for between US$62 and $68 a share. The company expects to raise as much as $2.1 billion through the sale of stock.|
|2019||March 28||Financial||Lyft announces the pricing of its initial public offering of its Class A common stock at a price of US$72.00 per share. The company offers 32,500,000 shares of its Class A common stock, plus up to an additional 4,875,000 shares that the underwriters have the option to purchase.|
|2019||March 29||Financial||Lyft debuts on Nasdaq under the symbol “LYFT.”|
|2019||April||Financial||Lyft shares fall to as much as 6.8%, touching a record low of US$55.85 against the $72 IPO price. Since its debut on March 29, the company cumulates more trading days in the negative than positive.|
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