Lyft open to selling bike, scooter business

said Monday it is considering either selling or finding a strategic partner for its bikes and scooters unit as the rideshare company races Uber for market share.

The California-based Lyft said it has received "strong inbound interest" for its bike and scooter business, which served 3.6 million riders last year in 15 countries on roughly 68,000 bikes and scooters.While not disclosing how much of its revenue comes from the business, the company said in a blog post, "It's only logical for Lyft to listen to credible proposals and explore strategic partners and options in several forms to serve more riders.

Lyft said Monday it is considering either selling or finding a strategic partner for its bikes and scooters unit as the rideshare company races Uber for market share. New Lyft CEO David Risher has been cutting costs for the past few months after its strategy of lowering fares to challengeIn April, the former Amazon executive announced 1,072 Lyft employees would be laid off, affecting nearly a third of the rideshare company’s staff, while asking remaining employees to come into the office more often.

Source: News Formal (newsformal.com)

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