Lyft, based in San Francisco, CA, was founded in 2012. The company, however, made its trading debut on the Nasdaq in March 2019. Its IPO price was $72 a share. Lyft completed its IPO on Apr 2, 2019. During the process, the company sold 32,500,000 shares of Class A common stock. On Apr 9, 2019, Lyft sold 2,996,845 more shares of Class A common stock at $72 per share.

Lyft, which operates multimodal transportation networks in the United States and Canada, generated net proceeds of $2.5 billion after deducting underwriting discounts, commissions and offering expenses. In 2012, Lyft launched the peer-to-peer marketplace for on-demand ridesharing. The networks operated by the company allow access to multiple transportation options through its platform and mobile-based applications. Evidently, Lyft’s offerings grant access to a network of shared bikes and scooters for shorter rides, and first-mile and last-mile legs of multimodal trips. In a bid to attract drivers, passengers and riders of shared bikes and scooters to use its platform Lyft offers various incentives. For example, drivers are offered schemes like minimum guaranteed payments, volume-based discounts and performance-based bonus payments.

Lyft generates almost its entire revenues from ridesharing activities that connect drivers and passengers. Drivers pay service fees and commissions for using Lyft’s proprietary technology platform and other activities aimed at connecting passengers and drivers. Lyft recognizes revenues upon completion of each ride. Revenues are also realized through Lyft’s network of shared bikes and scooters. Revenues are also generated from its Express Drive program from lease income under an arrangement with its third-party Express Drive partners. Lyft plans to switch to electric vehicles entirely by 2030, i.e., every single vehicle on its platform would be electric.

In 2023, revenues surged 8% year over year with rise in Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app). Gross bookings of $13.8 billion grew 14% year-over-year in 2023.

Active Riders increased 10% year over year to 22.4 million, in the fourth quarter of 2023.

Lyft's fiscal year coincides with the cale