Published: Tue, November 14, 2017
Markets | By Rosalie Gross

Lyft to serve Toronto next month in first foray outside US

Lyft to serve Toronto next month in first foray outside US

It appears Uber will have some fresh competition in the city as popular US ridesharing company Lyft expands to Toronto.

And it's about time: Lyft says more than 50,000 Toronto residents have downloaded the app to date. Lyft has raised $3.6 billion in funding since it launched in 2012, compared with the roughly $15 billion raised by Uber, which has a valuation of about $68 billion, according to The Wall Street Journal. The news follows an earlier report that Lyft was poised to grab a third of the ride-hailing market in the United States in the latest sign that the company was continuing to profit off Uber's stumbles earlier in the year. The company will begin driver recruitment today.

Lyft will face competition in Toronto, as Uber already has a presence, and has been operating in the city for five years now.

Toronto city council introduced rules to allow the service to operate legally a year ago. Potential drivers must also pass DMV and background checks, both of which are free and conducted online.

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Houghton wouldn't say if Lyft will expand to other Canadian cities or if Quebec's provisions would prompt it to avoid the province.

The ride-hailing startup announced in a blog post today that it will start serving passengers in Toronto next month.

The move follows the controversial launch of rival Uber in Toronto a few years ago, which saw protests by taxi drivers.

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