Launched three years after Uber, Lyft was originally a long-distance car-pooling business, launched by Logan Green and John Zimmer. While Zimride, named after the transportation culture in Zimbabwe (the co-founder’s last name is a coincidence), was the largest app of its type, both co-founders quickly started looking for ways to improve daily engagement.
The solution was to begin offering shorter rides in cities, with passengers and drivers connecting. It wasn’t long before the Zimride service mimicked Uber, although Lyft originally tried to foster more of a friendly, non-business approach to the service.
Lyft expanded quickly in the US, from 60 cities in 201 to 300 in 2017, however, Uber was otherworldly in its expansion, planting its flag in almost every country that would allow it. This left Lyft in the shadow of Uber and unknown to anyone outside of the US.
It wasn’t until the Cancel Uber campaign that Lyft started eating into Uber’s marketshare in the US. Lyft went from 22 to 33 percent market share in the US from 2017 to 2018, although that has cooled off with 29 percent market share in 2020.
Lyft launched several initiatives which attempted to paint its service in a more positive light, as Uber was chastised for its employment model. This appears to have worked, as Lyft has moulded itself as the scrappy underdog.
Similar to Uber, Lyft had a self-driving division and saw the future as one in which a human driver would no longer be necessary. However, it sold its division to Toyota in April 2021 for $550 million, citing the high costs of producing and testing self-driving vehicles.
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Lyft key statistics
- Lyft generated $2.3 billion revenue in 2020, a 36 percent decrease year-on-year
- Lyft’s average revenue per rider increased to $45.40 in 2020
- In Q4 2020, 12.5 million people rode with Lyft. This is 45 percent less riders than in Q4 2019
Lyft overview
| Launch date | 9 June 2012 |
| HQ | San Francisco, California |
| People | Logan Green (co-founder, CEO), John Zimmer (co-founder, president) |
| Business type | Public (NASDAQ: LYFT) |
| Industry | Ride hailing |
Lyft revenue
| Year | Revenue |
| 2017 | $1 billion |
| 2018 | $2.1 billion |
| 2019 | $3.6 billion |
| 2020 | $2.3 billion |
Lyft profit
| Year | Profit |
| 2018 | ($911 million) |
| 2019 | ($2.6 billion) |
| 2020 | ($1.7 billion) |
Note: This refers to Lyft’s annual net income
Source: Lyft
Lyft APRU
| Year | APRU |
| 2018 | $36.02 |
| 2019 | $44.40 |
| 2020 | $45.40 |
Note: This refers to APRU in the fourth quarter of each respective year
Source: Lyft
Lyft users
| Year | Users |
| 2016 | 6.6 million |
| 2017 | 12.6 million |
| 2018 | 18.6 million |
| 2019 | 22.9 million |
| 2020 | 12.5 million |
Lyft vs Uber market share
Want to learn more about the ride hailing market? Read our sector profile
Lyft FAQ
How many cities does Lyft operate in?
Lyft operates in 644 US and 12 Canadian cities or towns
What is Lyft’s market share?
Lyft’s market share in the US in 29 percent (Second Measure)
How many drivers work for Lyft?
Lyft has over two million drivers
What is the average annual wage for a Lyft driver?
Average Lyft driver average salary at $29,627 (Indeed)
