British car major Jaguar Land Rover (JLR) has invested USD 25 million in tax-hailing app Lyft through its mobility services division InMotion Ventures.
Lyft will utilise these funds for expansion and technological advancements. Under the deal, it will also get a supply of JLR vehicles for its drivers.
Founded in 2012 by Logan Green and John Zimmer, Lyft is one of the fastest-growing rideshare company in the US and operates in more than 350 cities. It competes with Uber in the segment.
Commenting on the development, Zimmer said, “We’re excited to join forces with Jaguar Land Rover and InMotion. Lyft envisions a future where shared mobility will transform cities and improve people’s lives. This partnership will help us achieve that ambitious goal.”
Excited to announce our partnership with @LandRover and @Jaguar to help reach our vision of shared mobility. https://t.co/rlu2aC9IVj pic.twitter.com/aVve7Wleh7
— Lyft (@lyft) June 13, 2017