On-demand ride service Lyft has received $200m from automotive systems maker Magna International at an $11.7bn valuation as part of an autonomous driving partnership.
Automotive systems producer Magna International agreed on Wednesday to invest $200m in US-based ride hailing service Lyft as part of a multi-year strategic collaboration deal.
Founded in 2012, Lyft has established itself as the second largest on-demand ride platform in the US, behind Uber, and recently entered its first international market in Toronto, Canada. The Magna funding values the company at $11.7bn. according to the Financial Times.
The partnership will involve the companies making joint investments in the development and…
