Lyft to Begin Operations in Toronto, Its First Market Outside the U.S.

Lyft to Begin Operations in Toronto, Its First Market Outside the U.S.
In an effort to entice drivers, Lyft is offering a 25 percent bonus for the first 3,000 drivers who are approved
and who complete 20 rides a week during the company’s first three months of operation in Toronto.
Lyft made its announcement just hours after Uber completed a deal to sell a stake to the Japanese conglomerate SoftBank, a move
that paves the way for sweeping governance changes at the ride-hailing behemoth, as well as for that company’s own initial public offering
“We have had our sights set on international expansion for months, and the Canadian market is an obvious fit for Lyft’s culture, values and the service
that we provide,” Logan Green, the company’s chief executive, said in a statement.
John Zimmer, the company’s president and co-founder, told the Toronto Star
that he expected the Canadian city to eventually become one of Lyft’s five largest markets.
Lyft has begun exploring an initial public offering in 2018,
and raised $1 billion in financing last month, getting support from Alphabet’s venture investment arm, CapitalG, along the way.