Lyft Lands $530M To Battle Uber

There's been a major, market battle in Los Angeles over the last few years, between on-demand ride services such as Lyft and Uber, not to mention local taxi and transportation companies. One of the players in the battle--Lyft--has just raised $530M more, from Japanese e-commerce company Rakuten. Rakuten said it agreed to purchase and 11.9 percent stake in Lyft, investing $300M in the company as part of a larger, $530M Series E funding for Lyft. The funding follows a bigger, $1.2 billion fundraising round for competitor Uber in December. LA has been a major, competitive market for both Uber and Lyft, as well as Sidecar, Flywheel, TaxiMagic, and Opoli, all of whom have targeted the LA metro area as a key battleground over the on-demand transportation market. More information »