I have posted a few Lyft and Uber discounts lately and you might have seen even more discount codes offered by the company yourself. Well, there’s a good reason that both services are offering discounts lately.
Lyft’s discounts were extended to roughly one-third of riders’ recent trips The Information reports, and helped Lyft gather an additional 4 percent of the U.S. rideshare market. Lyft now holds 34 percent of the market, while Uber claims the remaining 66 percent. That’s a big boost to Lyft as it gets close to its Nasdaq IPO, expected in April.
Uber is doing the same thing. It is also offering plenty of discounts to keep riders on its app. Uber is also in IPO registration, and is expected to debut on the public markets a month or two after Lyft.
TechCrunch reports that Lyft was most recently valued at $15 billion and will garner a valuation north of $20 billion with its highly anticipated debut. Uber’s last private market valuation was roughly $72 billion; it’s expected to surpass $100 billion upon its IPO.