4/25/2014

Lyft Expands Car-Sharing Service to 60 U.S. Cities

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San Francisco-based Lyft Inc. is introducing its car-sharing service to 24 more cities in the U.S.

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San Francisco-based Lyft Inc. is introducing its car-sharing service to 24 more cities in the U.S.

The two-year-old company, which once adorned participants' cars with large pink mustaches, is already established in 36 American cities. Lyft claims its basic service costs 10%-20% less than that of rival Uber Technologies Inc., which is operating in 48 cities in the U.S. and 52 in other countries.

Lyft began in 2007 as Zimride, a service that recruited commuters who were willing to share their rides for a price chosen by their passengers. Now the company is charging fixed rates by the mile and minute. Lyft has been offering discounts of 20% or more since mid-April.

Lyft is using $250 million in new financing arranged earlier this month to expand domestically and into undisclosed markets overseas. The funding puts the company on par with Uber, which raised $258 million last summer.