Is Lyft looking for a buyer?
San Francisco’s ridehailing startup Lyft has hired Qatalyst, an investment bank known for helping tech firms land buyers, the Wall Street Journal reported Monday, citing people familiar with the matter.
Frank Quattrone, founder and executive chairman of Qatalyst Partners LP, reportedly has contacted automakers and other companies about purchasing a stake in Lyft, the people said. The Journal said it’s unclear if Lyft is trying simply to raise funds or wants to sell itself.
Lyft has received about $2 billion in funding — far less than rival Uber, another San Francisco company — and one of its big investors is General Motors. Lyft’s most recent valuation was $5.5 billion.