InMotion Ventures Ltd., a mobility solutions investment arm of Tata Motors-owned luxury car manufacturer, Jaguar Land Rover (JLR), has invested US $25 million in the Silicon Valley – based ride – sharing startup, Lyft. Read more on Investments
“The investment will support Lyft’s expansion and technology plans. It will also provide InMotion Ventures with the opportunity to develop and test its mobility services, including autonomous vehicles”, InMotion Vantures said in a statement.
The Company also added that Lyft’s drivers will be given Jaguar Land Rovers (JLRs) to ride! InMotion Ventures Ltd., which was founded last year (during 2016) has so far invested in six ride-sharing and connected car solutions startups. InMotion Ventures’s successful seed investment in SPLT Rides, the Detroit-based digital carpool business, which works with Lyft to provide non-emergency medical transport is what prompted the Company to invest in Lyft. InMotion Ventures has promised to invest a total sum of US $600 million in Lyft out of which this investment of US $25 million constitutes Series A round of funding. InMotion Ventures Ltd., is valued at US $7.5 billion.
InMotion’s investment in Lyft reflects car manufacturer’s increasing interests in partnering with and funding new-age mobility solutions startups. The other ride – sharing startups that got funded this year (2017) include the Indian self – drive car – rental startup, Zoomcar, which got a fund of US $24 million in Series A round of funding from Ford’s transportation solution investment arm, Ford Smart Mobility during May, this year. Shockingly, Tata Opportunity Fund, which is a part of Tata Group had invested US $100 million (or 1 billion) in the American and Silicon Valley – headquartered cab hailing service, Uber, during 2015, while Ratan Tata, the founder and chairman of the Tata Company had made a personal investment in Uber’s arch rival in India, Ola! Read more on Startup News
Recommended for you
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.