Above: Lyft CEO Logan Green at SXSW 2015.
Image Credit: Daniel Terdiman/VentureBeat
AUSTIN, Texas — Lyft CEO Logan Green said today that Lyft Line, which matches riders with similar destinations up with each other now accounts for the majority of all its business in San Francisco.
During a keynote address at South by Southwest (SXSW) here today, Green explained that the low-price offering had become the most popular offering in the company’s home town of San Francisco.
The company launched Lyft Line six months ago. Green noted that Uber announced — “with no product” — its competing effort within hours.
The fact that Lyft Line is so popular in a city like San Francisco is evidence, Green suggested, of the company’s vision of making transportation seamless and inexpensive. That’s important, he said, because the average American household spends 20 percent of its budget on transportation, and just 5 percent take public transportation to work.
Now, with the company having raised $850 million in total funding at a $3 billion valuation, Green said Lyft is using its money to build out its network of drivers, much in the same way that AT&T would invest in new cell towers.
Asked on stage about a TechCrunch report that Lyft is telling investors it will not be profitable until 2016, Green said that while he could not comment, he did add that, “I…think that they demonstrate that we’re going through a period of intense rapid growth.”
He also said Lyft grew 500 percent nationally in 2014.
Although Green wouldn’t say which cities Lyft will expand to first when it opens up internationally, he did address the question of competition from Uber and from local ride-sharing companies. “I think with the right partners, you can go and make a big impact,” Green said. “We’re learning a lot from large international competitors….As we go international, we’re looking to add something unique to the market. And so when we do go international, it won’t just be as a taxi service. It will be bringing the pieces that are most unique about Lyft” to international markets.
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