Even as its rival Uber lurches between multiple crises, ride sharing startup Lyft is raking in the moolah and customers. 

According to reports, the San Francisco-based company has raised $500 million in a fresh funding round that values it at $7.5 billion. It is said to be in talks to raise another $100 million. During its last funding round, Lyft had raised $1 billion from the likes of General Motors Company (GM) at a valuation of $5.5 billion. (See also: General Motors And Ford Investing In New Trends).

Previous investors in the company have included marquee venture capital firm Andreessen Horowitz and famous Silicon Valley contrarian Peter Thiel. 

Lyft’s current valuation is a turnaround from its fortunes last June, when it hired an M&A firm and was said to be shopping around for a buyer. But Uber’s fall from grace, which has been rapid and relentless since the start of this year, provided the company with an opening to boost its market share at the expense of its rival. (See also: Uber CEO Travis Kalanick Resigns From President's Economic Advisory Council)

Lyft saw a 40% spike in downloads and an increase of 60% in activations of the app following the #deleteuber campaign. In a recent interview with Time, Lyft co-founder John Zimmer said the company and its community was “woke” and that Lyft made for a “better boyfriend” as compared to Uber. He contrasted the company’s values, embodied in pink mustaches that adorn Lyft cars and fist bumps for drivers, with Uber’s brash and aggressive culture. (See also: Key Differences Between Uber And Lyft)

Despite the gains, Lyft is still a distant second to Uber. An estimated 5 percent of Uber’s audience was said to have shifted to Lyft in the aftermath of the #deleteuber campaign. But that only gave the company a 20 percent share of the overall ride share market in the United States. Uber still holds a commanding 80 percent of the overall market.

The scale of their operations also differs. Lyft is planning to expand to 100 cities in the United States this year; Uber, on the other hand, is present in more than 580 cities worldwide. Finally, the startup faces the same problems as Uber in its quest for growth: costs and regulatory scrutiny. It generated $600 million in losses on revenues of $700 million last year. A recent Massachusetts state government scrutiny also found that the startup’s driver background checks did not pass muster. (See also: 8,000 Uber, Lyft Drivers Fail Massachusetts Background Check)

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