Google could invest $1 billion in Lyft

Google could invest $1 billion in Lyft

The investment looks set to be a total of $1bn, with the capital coming from Google or Alphabet's private equity firm CapitalG.

Uber-rival Lyft may soon be getting a huge infusion of cash from Google parent company Alphabet.

Alphabet is now a shareholder at Uber as well through its venture capital company GV, but Waymo, an Alphabet unit is now suing Uber for technology for self-driving vehicles.

The investment, which hasn't been finalized, could be as much as $1 billion, according to Bloomberg.

If Google were to invest in both ride-hailing companies, it wouldn't be the first time an investor has diversified investments across multiple companies in the same category. And Waymo teamed up with Lyft in May to test autonomous vehicle technology.

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Its shares have gained 37.3% in 2017 through Thursday's close, while the S&P 500 index has gained 11.6% in that same time frame. Clifford Swan Inv Counsel Ltd Liability Corp owns 1.26% invested in Oracle Corporation (NYSE: ORCL ) for 490,313 shares.

Alphabet has actually been an investor in Uber through GV, its venture capital arm, since 2013. This has been your daily ride-hailing app business-deal update for Friday, September 15th, 2017.

It was not immediately clear how large an investment Alphabet might make. They plan to bring autonomous vehicle technology into the mainstream through pilot projects and product-development efforts.

Meanwhile, Uber is also trying to secure additional funding.

Lyft is in competition with Uber among ride-hailing services in the US, while Waymo is competing fiercely with Uber in the creation of technology for autonomous cars. Uber recently kicked out CEO Travis Kalanick and replaced him with Dara Khosrowshahi after slew of allegations of sexual harassment, sexism and other inappropriate behavior within the company. Uber has raised more than $15 billion compared with Lyft's more than $2 billion.

In San Francisco, the company has expanded its shuttle service with a total eight routes, and it has six sroutes in Chicago. Interestingly, one of those companies was Alphabet.

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