A worker-owned cooperative that competes with Uber in New York is hoping to turn grassroots buzz into business growth by raising more than $1 million from investors, drivers and potential passengers. While most startups trade equity for venture capital funding, The Drivers Cooperative is issuing debt to lenders who would get a limited share of future revenue while keeping company ownership in the hands …
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Throughout most of 2020, Uber and Lyft drivers didn’t have much work due to a pandemic that kept most people at home. But as countries ramp up vaccination efforts and people start doing things outdoors again in 2021, those ride-hailing companies are optimistic about a return to business as almost usual. Problem is, many of the drivers who power those …
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We knew a DoorDash IPO was on the way, and it arrived this past week packaged with news that the company turned a profit in Q2 and has enough cash stockpiled to float along for quite some time. Throw on top of that DoorDash’s recent win on Prop 22 and its popularity among U.S. consumers, and it seems as if …
Ride-hailing second chair Lyft said it will soon be entering the food-delivery space. The San Francisco-based ride-sharing operator reported a nearly 50-percent drop in quarterly revenue, falling to $499.7 million. That’s still ahead of analyst expectations, but like Uber, Lyft is now looking to pivot into a growing part of the convenience economy. According to …
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SAN FRANCISCO, CA – Food delivery continues to climb up as a preferred method for consumers seeking to spice up their daily routine. Lyft has taken note of this and is currently working on cutting a slice of the foodservice pie for itself. Zimmer stated that the company was looking to enter what it considered an untapped market …
Nov 10 (Reuters) – Lyft Inc said on Tuesday it was working on a new service to take a slice of the burgeoning food-delivery market as it works to make up for a 48% drop in quarterly revenue and a slow recovery of ride-hail demand. Unlike larger ride-hail rival Uber Technologies Inc , Lyft has …
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Lyft Inc LYFT President John Zimmer said Tuesday the company is expanding its deliveries business after finding success with a pilot program during the COVID-19 pandemic. Zimmer, talking to investors on the company’s third-quarter earnings call, said Lyft has been “very pleased” with the essential deliveries pilot, which it had launched to provide drivers with incremental opportunities to earn …
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Grubhub Inc. said it’s made a deal with Lyft Inc. to provide all of the ride-sharing company’s Pink members a free membership in Grubhub +. The Chicago company’s (NYSE: GRUB) + membership normally costs $9.99 a month and allows members free unlimited delivery from selected restaurants. Membership to San Francisco-based Lyft’s Pink costs $19.99 a …
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Uber and Lyft have lost their bid to delay a preliminary injunction that will force the two ride-hailing app companies to reclassify drivers as employees. A California superior court judge denied Thursday the companies request to delay the order from going into effect August 20. The decision sets the stage for a legal fight and will most …
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yft said it would shut down operations in California if forced to classify drivers as employees, the company’s executives said in an earnings call with investors on Wednesday. Lyft joins Uber in threatening to pull out of one of its most important US markets over the question of drivers’ employment status. At issue is the classification of …
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