Reported 3 days ago
Lyft is set to enter the European ride-hailing market by acquiring the mobility platform FreeNow for approximately $198.4 million from BMW and Mercedes-Benz. This acquisition will nearly double Lyft's market potential, allowing it to operate in major European cities like London and Paris. The move comes as Lyft faces fierce competition from Uber in North America, and it aims to tap into the largely offline taxi market in Europe. FreeNow is already established in over 150 cities across nine countries and recently achieved break-even status amid growing revenue.
Source: YAHOO