Lyft raises another $500 million in additional round of funding

(Reuters) – Uber rival Lyft Inc is raising an additional $500 million in funding, according to a U.S. share authorization document filed in Delaware news website Axios said. (bit.ly/2BhebbU)

The additional funding round, led by Alphabet Inca��s CapitalG, is an extension of the $1 billion round announced in October.

Lyft spokesman Adrian Durbin, confirming the funding round, in an e-mailed statement said, a�?Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.a�?

In October Lyft had said that the previous round of funding boosted its valuation to $11 billion from $7.5 billion. The fresh funding would raise its valuation to $11.5 billion.

Reporting by Sangameswaran S in BengaluruEditing by Greg Mahlich