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Lyft to expand to Toronto by the end of the year

By Shawn Knight
Nov 13, 2017
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  1. Uber rival Lyft is hitching a ride and heading north. The transportation company on Monday said it’ll be opening for business in Toronto in time for the holidays.

    The ride-hailing platform is coming off of an excellent 2017 campaign, capped by a $1 billion round of funding last month led by Google parent company Alphabet. The investment brought the company’s post-money valuation to $11 billion.

    For comparison, Uber has a valuation of nearly $70 billion despite its rocky run as of late.

    Lyft didn’t provide an exact Canadian launch date but with less than seven weeks left before the calendar rolls over to 2018, the wait won’t be long.

    Launched in the summer of 2012, Lyft has steadily found success in its business albeit not quite as rapidly as Uber. It’s done exceptionally well in recent memory, however, thanks in part to a bevy of scandals and other issues that have plagued Uber.

    John Zimmer, Lyft’s president and co-founder, told the Toronto Star that they view Toronto as a world-class city and that it’ll likely become one of their top five markets overall.

    Lyft will launch in Toronto with five options: regular vehicles for up to four people, “Plus” vehicles that can carry up to six passengers, high-end options under its Premier brand, luxury black cars with a “top driver” under the Lux banner and an SUV version of Lux.

    Passenger rates and driver pay haven’t yet been revealed but will likely be in line with typical American markets.

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