Lyft announced on Tuesday that is added $600 million to it’s bank.
Now it’s reported that the company is worth more than $7.5 billion.
New investors this round included Canada’s Public Sector Pension Investment Board, KKR, AllianceBernstein and Ballie Gifford.
Uber stumbles over the past few months have greatly benefited Lyft.
In January, when President Donald Trump announced his now determined unconstitutional immigration executive action plan to ban individuals from mostly Islamic countries, #deleteuber was trending. This viral hashtag resulted in a 60 percent increase in new Lyft customers.
In 2016, the transportation company lost around $600 million by generating about $700 million in revenue. Even though Lyft is in the red, Lyft still able to garner investments as it tries to decrease the $100 million loss.
Lyft operates exclusively in the United States. The has been no public announcement about expanding worldwide to compete with Uber which services over 400 cities, but there’s much speculation that will occur soon.