Lyft is a demand-based transportation company based in San Francisco, California. It develops, markets and operates Lyft mobile car transport applications. Launched in June 2012, Lyft operates in approximately 300 US cities, including New York, San Francisco, and Los Angeles and provides more than 1 million rides per day. The company is worth US $ 11.5 billion as of December 2017 and has raised a total of US $ 4.11 billion in funding. Lyft expanded to Canada in December 2017 as a competitor to the already established Uber.
Video Lyft
Operasi
Riders must download the Lyft mobile app to iOS or their Android-based phone, register, enter a valid phone number, and enter a valid form of payment (either credit card, or link to Apple Pay, Google Wallet or PayPal account). Passengers can request a ride from the nearest driver. Once confirmed, the app shows the driver's name, ratings by previous passengers, and photos of drivers and cars. Drivers and passengers can add personal information to their profiles about their hometowns, music preferences, and other details to encourage drivers and passengers to talk during the trip. Once the ride is over, the rider is given the opportunity to grant the driver a gratuity, which is also billed to the payment method of the rider.
Lyft offers four types of in-app rides: The Lyft Line , which is not available in all cities, is the cheapest option and will match passengers with other riders if they go in the same direction.
Security
One of the principles of the Lyft platform is to build trust among its users. All drivers undergo the following filtering process:
- The Department of Motor Vehicles, the registrant of sex offenders in the United States, and a criminal-type criminal background check. The criminal background check goes back seven years and includes national and regional level databases, as well as registrants of national sex offenders.
- Live interview with current Lyft driver.
- The driver must be 21 years of age or over and has had a driver's license for more than one year.
- Uninterrupted drug and alcohol policy.
Rating
Once the ride is completed, drivers and passengers are given the opportunity to rate each other on a scale of one to five stars. Every average driver gets low ratings by users being removed from the service. Lyft does not allow passengers to know their rating.
Insurance
Although Lyft drivers are classified as independent contractors, Lyft also insures each driver with a US $ 1 million commercial liability policy which is the driver's primary policy. Additional coverage includes:
- Comprehensive Contingent coverage and collisions up to $ 50,000 with $ 2,500 deducted. (Valid from the moment the driver accepts the travel request until the travel time ends in the app.)
- Contingent liability coverage up to $ 50,000 per person/$ 100,000 per accident/property damage $ 25,000. (Valid from the time when the driver switches to driver mode until the driver receives the trip request.)
- Uninsured driver's reach/underinsured up to $ 1 million. (Effective since driver received travel request in app until travel time ends in app.)
Other services
In March 2018, Lyft announced that it is working with an electronic medical record company Allscripts to create a platform that allows health care providers organize trips for patients who do not have transportation to an appointment. The new deal will be available for 2,500 hospitals, 180,000 doctors, and about 7 million patients.
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History
Establishment
Lyft was launched in the summer of 2012 by Logan Green and John Zimmer as a service from Zimride, a long-distance aviator company both established in 2007. Zimride focuses on ridesharing for longer trips, often between towns, and drivers and passengers connected via the Facebook Connect app. Zimride eventually became the largest rideshare program in the US.
Green gets inspired for Zimride after sharing the rides from the University of California, Santa Barbara's campus to visit his girlfriend in Los Angeles. He has used the Craigslist board but wants to get rid of the anxiety of not knowing the passengers or the driver. When Facebook opens the API for third-party developers, Green says he thinks "It's missing material." Green was introduced to John Zimmer through a friend and the couple had initially met on Facebook. The name of the company comes from the state of Zimbabwe, where, during a trip in 2005, Green observed the locals sharing a minivan cab. He said, "I am returning to the United States inspired to create the same form of transportation here." Green has coding experience and is able to develop the site in four months. Zimride launched the first version of the rideshare program at Cornell University, where, after six months, the service has registered 20% of the campus. Using Facebook profile information, students' drivers and passengers can learn from each other.
In May 2013, the company officially changed its name from Zimride to Lyft. The change from Zimride to Lyft is the result of a hackathon looking for daily means of engagement with its users, not once or twice a year.
Transisi ke Lyft
While Zimride is focused on campuses, Lyft is launched as a referral network requested for shorter trips within the city. Similar to Zimride, this app connects drivers by car to passengers who need a ride. Drivers and passengers assess each other on a five-star scale after each trip, and the ratings establish both drivers 'and passengers' reputation in the network. To utilize the Lyft system, clients must create accounts that connect directly to funding sources such as debit cards or PayPal accounts. After the trip is over, the funds are debited from funding sources. Lyft then retained 20% of the drivers applied before January 2016 and 25% of those who filed from January 2016 as a commission.
As a brand, Lyft became famous for the big pink hairy mustache driver who stuck to the front of their car. Riders are also encouraged to sit in the front seat and boxing with the driver when meeting. In January 2015, Lyft introduced a small plastic glossy dash whisker called "glowstache" as an alternative to the big hairy mustache on the front of the car. This transition to help overcome the refusal of some riders to arrive at the destination, such as business meetings, in cars with a giant mustache. In December 2016, Lyft introduced a new color change dash indicator called "Amp."
In April 2014, Lyft was launched in 24 new US cities in 24 hours, bringing the total to 60 US cities. In August 2014, the company introduced the Lyft Line, which allowed passengers to share shared travel expenses.
Due to regulatory constraints in New York City, the company decided to significantly change its business model to establish Lyft on the East Coast. The launch of Lyft in New York City took place on the night of July 25, 2014 and, according to the Taxi and Limousine Commission (TLC) and the approval of the Manhattan Supreme Court, only drivers registered with TLC were allowed to drive the Lyft brand of vehicle in New York City.
In May 2016, Lyft began offering services to allow clients to schedule trips up to 24 hours in advance. Also in summer 2016, Lyft began offering riders the ability to make multiple stops during the trip.
In January 2017, Lyft announced it would add 100 US cities, bringing the total to 300 US cities served.
In July 2017, the company announced that the upcoming "Minnie Van" Walt Disney World Resort service will be supported by Lyft. Users staying at certain Walt Disney World Resort hotels are given the option of calling "Minnie Van" through the Lyft app. A Minnie Van, a Chevrolet Traverse with Minnie Mouse inspired exterior theme, driven by Walt Disney World Cast Member can bring guests to and from any destination within Walt Disney World Resort at a fixed fee of $ 20 per trip (at launch). Lyft founder John Zimmer said the partnership "Playing a role in family experience in the most magical place on earth is a dream come true."
Financing
Lyft is worth US $ 11.5 billion, in the fall of 2017. Before January 2016, Lyft has raised more than US $ 2 billion from investors such as General Motors (US $ 500 million), Alibaba, Andreessen Horowitz, Coatue Management, Didi Kuaidi, fbFund, Floodgate, Fontinalis Group, Fortress, Founders Fund, GSV Capital, Icahn Enterprises, Janus Capital Management, K9 Ventures, Mayfield Fund, Prince Alwaleed's Kingdom Holdings Company, Rakuten, Tencent and Third Point Ventures.
Financing history
In May 2013, Lyft completed a $ 60 million Series C venture financing round led by Andreessen Horowitz and included the Founders Fund, the Mayfield Fund, the K9 Ventures and the Floodgate Fund.
In July 2013, Lyft sold Zimride to Enterprise Holdings, the parent company of Enterprise Rent-A-Car, to allow the company to focus exclusively on Lyft's growth.
In April 2014, Lyft completed a $ 250 million Series D funding round led by Coatue Management, Alibaba Group and Andreessen Horowitz, bringing the total to $ 332.5 million. In March 2015, the company received a $ 530 million investment from a group led by Japanese online retailer Rakuten Inc. In May 2015, Lyft received an additional $ 150 million investment, including a $ 100 million investment from Carl Icahn based on a valuation of $ 2.5 billion, bringing the total raised to more than $ 1 billion.
On January 4, 2016, Lyft announced a partnership with US manufacturer General Motors, which invested $ 500 million as part of a $ 1 billion fundraising effort. The partnership is designed to help both companies accelerate in the ride-sharing market, as well as the autonomous car arena. In connection with GM's investment, Prince al-Waleed bin Talal of Saudi Arabia also invested in Lyft which included purchases of $ 148 million from existing shares of Andreessen Horowitz and the Founders Fund.
In April 2017, Lyft raised $ 600 million in funding from the TRC with a $ 7 billion worth of money-valuation.
On June 6, 2017, Lyft announced a new partnership with self-driving autonomous self-driving car based in Boston NuTonomy with the goal of finally putting thousands of autonomous, on-demand vehicles on the road.
In October 2017, it was announced that Alphabet Inc. took a $ 1 billion stake in Lyft through their investment arm, CapitalG.
By December 2017, Lyft had raised $ 4.1 billion, valuing the company at $ 11.5 billion.
Contraction and momentum setting
Like many peer-to-peer peer companies, Lyft faces legal and regulatory barriers and has been criticized by established commercial companies, including taxi services.
In the fall of 2012, California's Public Utilities Commission issued a stop and stop letter to Lyft (along with Uber and Sidecar) and fined $ 20,000 apiece. Wingz also received a stop and stop letter. However, in 2013 a temporary agreement is reached that reverses the action. In June 2013, Lyft, Uber and Sidecar are served with a stop letter and terminated by the Los Angeles Department of Transportation. In September 2013, the California Public Utilities Commission unanimously decided to make the agreement permanent, and created a new service category called Transportation Network Company, making California the first state to recognize and regulate the service. Wingz was the first to receive a ridesharing license, followed by Uber and Lyft.
Washington City Council, D.C. passed emergency law in September 2013 to allow ridesharing platforms like Lyft to operate.
Seattle City Council passed a regulation in March 2014 that limited Lyft drivers on the road at a certain time to 150. Because it failed to work with the Lyft model, the company supported a coalition that proposed a referendum containing 36,000 signatures from residents calling for an appeals procedure. Following the signature, Seattle Mayor Ed Murray worked with Lyft to reach an agreement in July 2014 that legalized the ridesharing in Seattle.
In the spring of 2014, Lyft hired two lobbying companies, TwinLogic Strategy and Jochum Shore & amp; Trossevin, to overcome the regulatory and opposition obstacles it has received since its launch.
In May 2014, Lyft entered into a temporary operating agreement with the city of Detroit that allows operations under a set of special rules for two years or until new regulations are developed.
In June 2014, Colorado became the first state to provide rules for TNC through the legislative process, when S 125 was signed into law.
In July 2014, the Minneapolis City Council voted virtually unanimously to legalize Lyft and other Transportation Network Companies.
In September 2015, Lyft announced the relocation of their customer service operations to Nashville and mentioned that a full relocation would be possible in the future from San Francisco.
In December 2015, Lyft became the first travel service allowed to pick up passengers at Los Angeles International Airport.
Cities and other states such as Austin, Nashville, Tulsa and Illinois have issued legislation to regulate or deprive Lyft and other TNCs.
On May 18 after passing HB 100 by Texas House and Senate, Lyft announced their plans to return to Austin and start communicating with former riders to anticipate.
Lyft, like other travel-sharing services, has been criticized by government officials for operating what they regard as unlicensed taxi services. For example, after the expansion into Virginia in April 2014, the Virginia Department of Transportation collected a $ 9,000 fine from Lyth for failing to register as a transport broker. Virginia DoT has previously communicated with the company and informed them that they must register to provide services within the Commonwealth. In August, state officials canceled their decision and let Lyft operate in Virginia.
In 2016, Lyft offers promotions to attract customers of public transit affected by transit service interruptions. During the construction of SafeTrack at the Washington Metropolitan Area Transit Authority, Lyback offered substantial discounts on the affected areas, and after the Massachusetts Bay Transportation Authority ended the late-night service, Lyft discounted trips during overnight time affected.
Car research self-driving
In early 2012, Green wants an investor pitch on self-driving cars as part of Lyft's future offerings. Green envisions some large self-driving car networks, similar to AT & amp; T and Verizon. On May 5, 2016, Lyft and General Motors announced, as part of their partnership, that they plan to start testing self-driving cars within the next year. They are considering using a Chevrolet Bolt that can drive itself for this purpose. In September 2017, Lyft announced a partnership with Ford Motor to develop and test autonomous vehicles. In March 2018, Lyft announced a partnership with GoMentum Station's autonomous testing station to test its self-driving technology, advancing the company's efforts to make transportation safer and more accessible. On March 14, 2018, Lyft partnered with North America's largest automotive parts supplier, Magna, with the motive to co-finance, develop and produce autonomous vehicle systems that will help generate its own driving technology that will be available to all car manufacturers.
Financial results
As a private company, Lyft does not publish detailed financial reports.
By 2014, the company says it has grown its numbers and revenues fivefold. In January 2017, the company announced that it facilitated 160 million vehicles combined in all the cities in which they operate.
According to Bloomberg L.P., Lyft lost $ 600 million in 2016 while increasing its revenue by 250% for the year. With $ 1 billion in cash reserves, it predicts profitability by 2018.
Competition
Lyft faces competition from: Fasten, Haxi, Uber, Via, and other car startup services. Lyft's global alliance includes Chinese Didi Chuxing, Ola Cabs India, and Grab and Go-Jek from Southeast Asia.
Reception
In 2013, San Francisco Mayor Ed Lee proclaimed July 13th as Lyft's Day.
Beyond the amount of fundraising and user adoption, investors and commentators have praised Lyft's understanding of "community". In May 2013, Scott Weiss of Andreessen Horowitz said that the venture capital firm finally decided to invest in Lyft because of its strong and transparent community. He wrote on his blog, "Lyft is a real community - both drivers and riders who are socially social - make friends and save money."
In September 2012, Drew Olanoff from TechCrunch wrote, "You feel like being in a car with a friend, and it's not wrong... Whether it's bringing someone a sandwich for a ride or letting them choose music in the car, Lyft Driver has a budding community "In May 2013, Jessica Gelt wrote in the Los Angeles Times," Lyft's marketing strategy, aimed at young people and technologists, attracts a relaxed and friendly demography. " Others have protested against the impact of Lyft and its rivals in the taxi industry.
See also
- Collaborative Consumption
- Microtransit
- An online platform for collaborative consumption
- Share economy (commercial peer-to-peer mutualization system)
- Transport as a Service
References
External links
- Official website
- Lyft for Business
- John Zimmer on How I Build this podcast
Source of the article : Wikipedia
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