"We are very happy to be investing in Lyft. I believe that ride-sharing is poised to become a fundamental component of our transportation infrastructure," Icahn said in a release.
Icahn added he believes increasing urbanization over the next five-to-ten years should continue the company's revenue growth.
Lyft also said that Jonathan Christodoro, one of Icahn Enterprises' managing directors, will join its board of directors.
"With this additional investment, we remain focused on deepening our U.S. footprint, continuing to lead with product innovation and providing the best possible experience for drivers and passengers," said John Zimmer, Lyft's president.
The company also said it had secured an additional $50 million from another source.