Google parent Alphabet has led a $1bn investment in Lyft, Uber’s biggest rival, in a move that sharply escalates the fierce competition between the two leading US ride-hailing companies.
Alphabet subsidiary CapitalG will head the investment, which values Lyft at $10bn, double its valuation at the beginning of the year.
In securing Alphabet as a backer, Lyft has signalled the changing fortunes of the two ride-hailing rivals, with the Google-owning group switching sides at a key moment following a series of setbacks at Uber.
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