Lyft is a ride-sharing service rising at a quick tempo. From lower than three million rides in 2013, the corporate had 375 million in 2017 throughout the U.S. alone.
The corporate has grown from only a lowly competitor to a formidable opponent to Uber. Particularly in america and Canada. You’ve typically heard that numbers don’t lie. And I agree.
Ask 100 individuals about Lyft they usually’ll say various things from agreeable to unprintable. However numbers are constant. They don’t change with the climate.
We’ll get into the numbers behind this common ride-sharing firm. However first, some thrilling details.
Lyft Firm Profile
- Lyft was based by Logan Inexperienced and John Zimmer in 2007.
- Lyft is headquartered in San Francisco.
- Lyft was launched in 2012 as a service of Zimride however later modified its identify to Lyft. Zimride providers city-to-city riders and longer rides, Lyft focuses on in-city ridesharing.
- In 2014, Lyft expanded from 15 to virtually 65 cities, rising each income and riders.
Lyft Fun Facts
- In New York alone, Lyft has accomplished 100 million rides.
- Lyft makes use of YouTube movies to recruit drivers.
- Lyft capitalizes on popular culture by partnering with music corporations.
- Drivers get tipped probably the most once they have dialog with the passenger.
- Identical to Uber, probably the most misplaced & discovered merchandise on Lyft is the cell phone.
- All Lyft automobiles have an enormous pink coloured mustache proper on the entrance.
- Lyft Ambassadors can earn cash for referring drivers and riders to the service.
Lyft Utilization Statistics
- 1 1. Lyft has over 23 million customers worldwide
- 2 2. The service is on the market in over 350 U.S. cities
- 3 three. Lyft has 35% of the U.S. ride-sharing market share
- 4 four. Lyft operated 375 million rides in 2017
- 5 5. Lyft has accomplished greater than 1 billion rides
- 6 6. Lyft offers over one million rides every day
- 7 7. Lyft accomplished 5,000 rides utilizing driverless automobiles in 2018
- 8 eight. Lyft serves almost 80% of the U.S. inhabitants
- 9 9. Lyft can decide up clients in 95% of the U.S.
- 10 10. Lyft has 1.four million drivers in its community
- 11 11. Lyft drivers make a mean of $12.53 per experience
- 12 12. Lyft drivers earned $three.6 billion in 2017
- 13 13. Lyft drivers earned $240 million in ideas
- 14 14. Lyft gives drivers insurance coverage of as much as $1 million
- 15 15. 23 million passengers used the service in 2017
- 16 16. Lyft has a $299-a-month package deal for patrons
- 17 17. 90% of Lyft rides are rated 5 stars by passengers
- 18 18. 40% of passengers use Lyft Line
- 19 19. 50% of Lyft clients use their automotive much less due to the service
- 20 20. Lyft surpassed $1 billion in income in 2017
- 21 21. Lyft has raised $5.1 billion in funding
- 22 22. Lyft has a valuation of $15.1 billion in June 2018
- 23 23. Lyft misplaced $600 million in 2016
1. Lyft has over 23 million customers worldwide
The financial impression that Lyft has within the ridesharing market is large. It’s efficiency all through 2016 and 2017 exhibits the corporate has recorded a 130% progress and now serves over 23 million totally different passengers and have 1.four million drivers to account for — that’s a 100% progress from its complete in 2016.
2. The service is on the market in over 350 U.S. cities
With the corporate’s enlargement to 54 new U.S. cities in February 2017, Lyft is now obtainable in over 350 cities in the USA. Lyft needs to make its service out there in as many U.S. cities as attainable. That is to encourage a shift from People proudly owning their automobiles to embracing ride-sharing providers.
The service had earlier expanded to 40 cities in January. This was a part of the corporate’s plans to increase to 100 new cities by the top of 2017.
With Uber not performing as much as expectations in 2017, Lyft used this chance to realize floor on its far greater competitor. The transportation firm claims it has 35% of the U.S. ride-sharing market as of Might 2018.
That is up from 17% of the market in January 2016 and 22% in January 2017. Though there’s nonetheless an extended approach to go to meet up with Uber, Lyft is shifting in the proper course.
The corporate claims it was capable of obtain this market share due to extra passengers and drivers that signed up for the service and its larger model consciousness.
“The last 18 months have been a period of incredible, sustained growth for Lyft,” CFO Brian Roberts stated. “There are no signs of that momentum slowing down.”
To realize this, Lyft had spent some huge cash. They’ve added incentives like subsidies to drivers and low cost to riders to draw extra customers. Strikes like these guarantee corporations rack up money owed and wrestle to make income till a number of years after establishing their buyer base.
However, it must be famous that not each supply agrees with Lyft on its estimation of 35% market share.
As an example, Second Measure estimates Lyft’s market share within the U.S. to be 27% with Uber having 73%. Certify estimates that Lyft has 19% of the enterprise ride-sharing market within the first quarter of 2018 in comparison with Uber’s 81%.
four. Lyft operated 375 million rides in 2017
In 2017, Lyft noticed an enormous 130% progress in its variety of rides in comparison with 2016 because it offered 375 million rides. It was an distinctive yr for Lyft because the ride-sharing firm improved in most of their key efficiency indicators. Lyft had 160 million rides in 2016.
“We came into the year with a very clear plan and mission,” Lyft’s vice chairman of public coverage, Joe Okpaku, stated. “Having a really laser-focused goal of getting our Lyft service out to as many people as possible.”
One of many causes answerable for this quantity is the service’s launch in over 100 cities in 2017. The corporate took its service to each state in the USA in 2017.
Though taxis are nonetheless extra well-liked than rideshare options, there’s hope for Uber and Lyft as a result of the variety of taxi rides has been dropping since 2014.
Lyft has been present process an enormous improve within the variety of rides it has been offering through the years. For example, they offered 2.7 million rides in 2013 and that worth elevated to 18.1 million in 2014.
In 2015, Lyft offered 53 million rides. For all of the years that the corporate has been in operation, it has been experiencing a rise within the variety of rides of over 100%.
Lyft claimed that with this variety of rides, their passengers saved 92 million journey hours in comparison with different transportation channels. It estimated that this time financial savings has a financial worth of $three.2 billion.
5. Lyft has accomplished greater than 1 billion rides
In November 2017, Lyft surpassed the full of 500 million rides because the service began in 2012. And 11 months later in September 2018, the corporate introduced it has surpassed a billion rides.
Over the yr, the corporate has gone into different types of transportation like bikes, scooters, and public transit. Lyft acquired the most important bike-sharing firm within the U.S., Encourage, for a reported $250 million.
The corporate is predicted to be renamed Lyft bikes. With this transfer, Lyft is more likely to embrace bikes and scooters amongst choices in its app sooner or later.
Together with the announcement of 1 billion rides, Lyft additionally launched different details on its journey to 1 billion. The longest journey throughout this era was a 639-mile journey from Denver in Colorado to Sioux Metropolis in Iowa.
The driving force that gave the very best variety of rides gave 31,000 rides whereas the rider with the very best variety of rides took 9,000 rides.
47% of the rides, which is roughly 470 million rides, passed off through the winter season. This was the corporate’s hottest season. There have been 97 million rides between 5 and seven am and 153 million rides between 11 pm and a couple of am.
76 million rides have been taken to the airport whereas 233 million of the 1 billion rides have been Lyft Shared Rides.
6. Lyft offers over one million rides every day
The corporate introduced in July 2017 that it was offering greater than one million rides every day.
That is after 5 years of speedy enlargement by the corporate. For yearly the corporate has operated, it has skilled greater than a 100% experience progress yr over yr.
“In January, we set a goal of launching in 100 new communities across the country by the end of 2017,” the corporate stated in its weblog submit.
“When we accomplished that in three months, we kept going – successfully launching in 160 cities by the end of June. Today, Lyft operates in over 360 communities, serving nearly 80 percent of the U.S. population.”
7. Lyft accomplished 5,000 rides utilizing driverless automobiles in 2018
With the event in driverless know-how, the ride-sharing business might take a brand new flip for the ride-sharing corporations. Not solely the ride-sharing corporations but in addition the drivers and passengers.
Driverless automobiles might permit ride-sharing corporations to scale back the price of transportation and in addition to maintain the income fairly than share it with the drivers. At present, Lyft takes between 20 and 25% of transport fares whereas the remaining goes to the drivers.
With the inevitable introduction of driverless automobiles, many drivers for ride-sharing corporations might discover themselves out of labor or have to tackle one other aspect job.
Nevertheless, this transfer is essential to ride-sharing corporations because it’s presently troublesome for them to make income.
Extra so, the chief in executing the driverless know-how might develop into the chief within the ride-sharing business sooner or later. Uber began its drive to construct driverless automobiles in 2015.
A yr later, Lyft joined the driverless car race. Lyft shouldn’t be making an attempt to construct driverless automobiles. However the firm is collaborating with producers of driverless automobiles in order that the automobiles can present experience providers once they’re protected sufficient to journey in cities.
One of many collaborations is with Basic Motors in 2016. The partnership is for the deployment of a self-driving Chevrolet Bolt EV. It has one other cope with NuTonomy.
One other of Lyft’s companions is Waymo, a driverless know-how firm owned by Google.
From January in 2018, Lyft had begun a partnership with a self-driving know-how firm, Aptiv. This permits the corporate to run its ride-sharing service with the driverless automobiles in Las Vegas.
It included an choice in its app the place passengers can opt-in to be pushed by these automobiles at no additional value. The automobiles have offered 5,000 paid journeys with passengers score their expertise a mean of four.96.
It have to be famous that the automobiles nonetheless required drivers on the wheel to take over the automobiles in case of any malfunction.
That is anticipated because the know-how continues to be creating in the direction of on a regular basis use. Nevertheless, this development exhibits that passengers must get used to boarding driverless automobiles sooner somewhat than later.
eight. Lyft serves almost 80% of the U.S. inhabitants
Whereas saying its milestone of one million rides every day, Lyft additionally claimed that it was now serving almost 80% of the U.S. inhabitants. That is big contemplating it had about 20% U.S. market in 2014, which has additionally elevated considerably in 2018.
9. Lyft can decide up clients in 95% of the U.S.
Resulting from its enlargement into over 350 cities in america, the corporate claimed that clients can use its service in 95% places of the nation.
Lyft Drivers Statistics
10. Lyft has 1.four million drivers in its community
For a ride-sharing service, a lot of its success rests on how nicely it could possibly convey drivers to their aspect. With out drivers who’re prepared to make use of their car for this system, there’s no approach for the service to outlive.
Lyft has been gaining drivers through the years. The corporate has 1.four million drivers in 2017. They’ve invested $100 million to assist drivers in its community to bear primary upkeep of their automobiles.
These are perks that would encourage extra drivers into the community. Lyft goals to double its present variety of drivers in 5 years.
11. Lyft drivers make a mean of $12.53 per experience
In response to knowledge from SherpaShare, a Lyft driver within the U.S. made a mean of $12.53 per journey whereas an Uber driver made a mean of $13.36 per experience.
This worth, nevertheless, doesn’t contemplate the reduce from the ride-sharing providers, upkeep of the automotive, or value of fuel.
12. Lyft drivers earned $three.6 billion in 2017
Many drivers use Lyft as a aspect job to earn additional revenue to care for their household or different wants. By driving for Lyft, drivers have been capable of earn a mixed $three.6 billion all year long.
This can be a 140% improve from 2016. Though it needs to be famous that the variety of drivers has additionally elevated.
When you think about Lyft had 1.four million drivers within the yr, a driver earned a mean of $2,571. That is probably not sufficient as a full-time job nevertheless it’s a superb aspect job. Additionally, how a lot drivers make will rely upon what number of rides they supply.
13. Lyft drivers earned $240 million in ideas
For a lot of drivers, incomes ideas is an added reward for a exceptional service. Lyft permits passengers to fee drivers after service and likewise, drivers additionally fee passengers. Riders appear to be excited tipping their drivers.
However one other method a driver might inform they’re doing a great job is thru the information they obtain. In 2017, Lyft drivers acquired a mixed $240 million in ideas. Whenever you divide this throughout 1.four million drivers, a Lyft driver earned a mean $171 in 2017.
14. Lyft gives drivers insurance coverage of as much as $1 million
In the course of the course of driving passengers, it’s attainable for automobiles to get into auto accidents. When this occurs, a driver could also be in a troublesome spot in the event that they haven’t any insurance coverage package deal. Nevertheless, Lyft has its drivers coated.
There are levels of insurance coverage protection for the drivers. When the Lyft app is off, a driver has no protection from Lyft and is determined by their private insurance coverage coverage. [watch the video]
When the app is on and set in driver mode, the driving force is entitled to insurance coverage protection. That is the Interval 1 auto legal responsibility.
The driving force is entitled to $100,000 per accident for bodily accidents and $25,000 per accident for property injury. When a driver has a passenger of their car, there’s a much bigger insurance coverage package deal.
The driving force is entitled to Interval 2 and three Auto legal responsibility. This makes the driving force entitled to a most coverage of $1 million per accident.
The coverage covers the interval between when a Lyft driver carries a passenger and once they get to their vacation spot.
Lyft Passengers Statistics
15. 23 million passengers used the service in 2017
To realize its 375 million rides, 23 million individuals took their rides utilizing Lyft. That’s roughly 16 rides per passenger. Lyft noticed a 92% improve in its variety of passengers in comparison with 2016.
16. Lyft has a $299-a-month package deal for patrons
In October 2018, Lyft launched its $299 subscription for 30 rides throughout a month. This subscription is for journeys that value $15 or much less. For journeys that value greater than $15, Lyft will cost the distinction.
Nevertheless, for individuals who find yourself having greater than 30 rides, they’ll get a 5% low cost on further rides.[source]
The corporate claims this plan prices 59% lower than a consumer operating their automotive for a month. This subscription plan is one in every of Lyft’s plans to discourage individuals from proudly owning automobiles and utilizing ride-sharing providers that value decrease.
“In the future, we won’t own transportation; we’ll subscribe to it like we do Netflix or ClassPass or Amazon Prime,” Lyft’s design vice chairman, Katie Dill, stated.
This plan is for heavy customers who take rides larger than $10 however decrease than $15. Lyft stated it will enhance the plan based on customers’ suggestions.
17. 90% of Lyft rides are rated 5 stars by passengers
In accordance with Lyft, its passengers fee 90% of their rides 5 stars. That’s a excessive degree of consumer satisfaction for any enterprise.
18. 40% of passengers use Lyft Line
To scale back the price of transport fares for passengers, Lyft launched its Line service. The Line service permits Lyft to match two passengers to a single car when these two passengers are moving into the identical path.
The Line presents a reduction of between 10% and 60% for passengers based mostly on Line journeys. That is a pretty function that helps passengers to scale back value. Likewise, they will make new buddies as these individuals might reside in the identical space.
Lyft present in its survey that 40% of its passengers have been utilizing this function.
19. 50% of Lyft clients use their automotive much less due to the service
One of many principal goals of Lyft is to offer a service that may encourage their passengers to go for the ride-sharing automobiles moderately than taking over the price of proudly owning their very own car.
In Lyft’s research, they discovered that 50% of consumers are utilizing their automobiles much less due to utilizing Lyft.
The corporate additionally discovered that 250,000 of its passengers have stopped proudly owning their private automobiles because of the availability of ride-sharing choices.
Lyft Monetary Statistics
20. Lyft surpassed $1 billion in income in 2017
As the corporate grew its consumer base and drivers, the revenues additionally elevated. Whereas saying monetary outcomes for the fourth quarter in 2007, the corporate revealed that it exceeded $1 billion in revenues through the yr.
For the fourth quarter of 2017, the corporate revealed a income progress of 168% in comparison with the fourth quarter of 2016.
Its income of $1 billion was up from $700 million in 2016.
The corporate had a income of $200 million in 2015 and $31.6 million in 2014. This exhibits a development of an organization that has been growing its income quickly yr over yr.
21. Lyft has raised $5.1 billion in funding
For startups, funding is likely one of the most essential features of operating the enterprise. Regardless of how exceptional your concept is, it’s virtually inconceivable to execute these concepts with out enough funding.
Initially of each enterprise, they need to finance numerous elements of the enterprise operations till the enterprise can begin delivering income.
Subsequently one of many duties of any startup is to persuade buyers that your concept is value funding.
To persuade an investor, the startup has to have the ability to clarify the way it will make income for the investor.
Getting funding exhibits a degree of confidence in a enterprise. When many buyers put their cash in a enterprise, it’s often as a result of the corporate is taking proper steps.
With the collection I funding of $600 million in 2018 at an organization post-valuation of $15.1 billion, the corporate has now raised $5.1 billion because it began its operation in 2012.
Constancy is considered one of Lyft’s largest buyers. They’ve invested over $800 million into the corporate. Different buyers within the firm embrace Baillie Gifford, CapitalG, Rakuten, KKR, AllianceBernstein, and so on.
22. Lyft has a valuation of $15.1 billion in June 2018
With the rise in its variety of drivers, passengers, and availability in additional cities, Lyft has seen its worth go up by means of the years. In June 2018, Lyft raised $600 million in Collection I funding at a $15.1 billion valuation of the corporate.
This was 6 months after Google’s CapitalG led a funding spherical of $1.5 billion. The corporate had an $11.5 billion worth on the time. Because of the funding, CapitalG companion David Lawee joined Lyft’s board. Google was one of many early buyers into Uber.
This transfer was seen as a change of course by Google. Controversies have since erupted between Google and Uber.
Waymo, Google’s self-driving firm, sued one of many prime Uber’s engineers for stealing tens of hundreds of pages of paperwork earlier than beginning his personal firm.
With Google’s help for Lyft, it’s, subsequently, no shock that Waymo is in a partnership with Lyft. The corporate had doubled its valuation from $7.5 billion in April 2017 after its collection G funding.
23. Lyft misplaced $600 million in 2016
It’s widespread for a lot of startups to rack up money owed whereas rising. Corporations like Netflix and Uber have taken on money owed of their drive to develop their buyer base. The assumption is that the corporate pays up the debt later after gaining as many purchasers as potential.
The excellent news is that Lyft’s adjusted revenue undertaking between 2016 and 2020 is one thing to think about, in line with TechCrunch.
Lyft is in the identical boat as these corporations. This follow is particularly widespread in rising markets.
Netflix has racked up billions of dollars of debt in an effort to personal the web TV market. This can be a long-term technique because the winner of nearly all of viewers may also find yourself delivering the very best revenues.
Lyft and Uber are taking over money owed to personal the ride-sharing market. Despite the fact that Uber began with a big majority in america, Lyft is catching up and gaining floor on their competitor.
This transfer of buying new customers and know-how that may give the corporate an edge within the ride-sharing market led to a lack of $600 million in 2016 on a $700 million income.
That is significantly greater than the reported $360 million loss in 2015 on a $200 million income. One other supply believes the losses have been nearer to $412 million slightly than $360 million.
In 2014, Lyft misplaced $199.four million on a income of $31.6 million. One development noticeable is that Lyft has been racking up money owed as its income has been growing through the years.
A debt of $600 million is some huge cash however it’s even a lot smaller if you examine to its competitor, Uber.
Uber runs a a lot greater enterprise and misplaced $2.eight billion in 2016. Nevertheless, these losses could also be unsustainable if it continues for too lengthy.
Lyft has reported that the losses shall be eradicated as the corporate continues to develop its income and scale back gross sales and advertising expense.
In its 2017 monetary outcomes, the corporate did not disclose its loss through the yr. Regardless of that, the corporate CFO, Brian Roberts, revealed that the corporate “considerably lowered gross sales and advertising bills.
Lyft is shifting quick to seize as many purchasers as attainable.
And it has achieved this for all its years in operation as the corporate continues to extend its variety of rides by 100% yr over yr.
However Lyft just isn’t an ideal firm. It must cease dropping cash and begin making income to extend buyers’ confidence.
Lyft believes its excellent ridesharing service will proceed to attract extra clients and consequently income.
(perform(d, s, id)
var js, fjs = d.getElementsByTagName(s);
js = d.createElement(s);
js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&appId=&version=v2.0”;
(doc, ‘script’, ‘facebook-jssdk’));