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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.”
JLR’s Hanno Kirner said, “This is a strategic investment for both parties as we focus on innovating new mobility solutions for our customers. Collaborating with an expanding technology business like Lyft is going to help us both accelerate our ambitions.”
Recently, InMotion had made a seed investment in digital carpool business SPLT, which works with Lyft to provide non-emergency medical transport.
The collaboration will also help InMotion to develop and test its mobility services, including autonomous vehicles.
“We are excited to collaborate with a leading platform like Lyft not only on developing premium mobility solutions but also devising innovative solutions to the transport problems that Jaguar Land Rover’s customers face,” InMotion’s Sebastian Peck.
The company has so far raised USD 2.74 billion from Alibaba, Tencent, Didi Chuxing, General Motors and others.
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