To fight against losing more money, Lyft is said to be preparing a report that would hopefully convince investors that Lyft won't stay in the red zone for too long, while investors still holding interest in Lyft and Uber are focusing on the future potential of these companies.
Uber is in a race with smaller rival Lyft, which has announced its own IPO, expected to be completed by the end of March. Uber declined to comment.
Uber has recently been valued at United States dollars 76 billion in the private market and is seeking a valuation as high as USD 120 billion. Lyft, meanwhile, is looking for a market valuation between $20 billion and $25 billion after being valued at $15 billion in its most recent private funding.
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The two companies are positioned to kick off a string of hotly anticipated public debuts from highly valued tech companies, energizing the IPO market after a quiet start to the year, Reuters noted. Both have also moved quite swiftly to go public given they both filed confidential paperwork for an IPO in December 2018. And a successful IPO for Lyft would allow Uber to benefit from market euphoria and also demand a high valuation.
"There is only so much capital investors are willing to put into ride-sharing companies", said Kathleen Smith, a principal and manager of IPO ETFs at Renaissance Capital. But considering the massive bet it has on Uber, SoftBank will want to do whatever it can to boost the business.
After losing about $3.3 billion a year ago, Uber is hoping to bring a change in the automobile industry by introducing self-driven cars.
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The investment is said to provide an inflow of cash for Uber's self-driving program, which is costing the startup to lose hundreds of millions without making any revenue.
Investors including Japanese technology giant Softbank are closing in on a deal to invest up to $1bn (£750m) in Uber's self-driving vehicle business.
Dara Khosrowshahi, chief executive officer of Uber, has previously said a culture change is a work in progress.
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