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Lyft plans to begin taking pitches from banks as soon as September, targeting March or April for the listing.
The deal reportedly values the US ride-hailing giant at $72 billion.
Khosrowshahi is searching for new businesses. In the last few months, Uber bought a startup that rents electric bicycles, invested in another one that rents electric scooters and went to work on its own scooter-rental business.
Ron is returning to Uber following a months-long, behind-the-scenes negotiation to rework the terms of Uber’s deal to acquire Otto Trucking.
The ride-hailing company still has three independent board vacancies, along with two other board seats that are being held for representatives of SoftBank, who became a major shareholder early this year.
The Uber CEO said he was more focused on generating positive cash flow than making the company profitable according to generally accepted accounting principles.
In its discussions with Careem, Uber has reportedly said that it would need to own more than half of the combined company, if not buy Careem outright.
The acquisition thrusts Lyft into a growing battle over short-distance ground transportation in the U.S. In April, Uber bought Jump Bikes, an electric-bike rental startup. Bird Rides and Lime have raised hundreds of millions in venture capital to buy electric scooters to rent out via a mobile app.
The company, which rents scooters out via a mobile application, has already launched in 15 cities and plans to add seven more in as many days. The company is also hiring a team in Europe for a potential scooter business there.
The new funding round was led by existing backer Fidelity Management, which becomes the largest investor in Lyft.