“There are going to be competitors. And we will kill them”... -- Travis Kalanick, Uber co-founder, circa 2011. Three years later, Lyft rejected a low-ball takeover offer from Uber. And even though Uber's expected to have a bigger IPO this spring, today Lyft gets to list its shares publicly first at a valuation of $24B.
Cars, drivers, and riders have feelings, too... That was a core message from Lyft's roadshow — The multi-week tour to generate interest from big-time investors. It dropped words like "holistic" and "mindful," and got nostalgic about its mission-focused carpooling origins. Its IPO docs added some key numbers, too:
- 39%: That's Lyft's piece of the US rideshare market, which doubled over the last 2 years of #deleteuber.
- $2.2B: That's Lyft's revenue, which also doubled from just last year.
- $62-$65: That's how much Lyft expected (at first) to sell shares for. But after enthusiasm and a good roadshow, it's selling them this morning for $72.
US Transportation's a $1.2T market... And Lyft's interested in all of it. So far it's got bikes, scooters, rides, big rides, and carpools. But the mission-oriented co-founders Logan Green and John Zimmer want more. Unlike Uber though, which is targeting the world (+ food delivery), Lyft has so far just stayed local in the US and Canada.