Lyft is now worth $15.1 billion

  • Lyft has completed a $600 million funding round, the company said Wednesday.
  • The new $15.1 billion valuation would make Lyft worth a quarter of rival Uber.
  • The ride-hailing rivals have been adding offers and services practically in tandem and raising money as they each race toward IPOs.

Lyft is now worth $15.1 billion after a recent $600 million funding round, the company said Wednesday.

That would make Lyft worth a quarter of rival Uber, which in May announced first-quarter results and a tender offer that nudges its valuation past $60 billion. The ride-hailing rivals have been adding offers and services practically in tandem and raising money as they each race toward initial public offerings.

Uber CEO Dara Khosrowshahi told CNBC in a recent interview that Uber is on track to go public next year. Lyft's timeline for an IPO is less certain, but people familiar with the plans told The New York Times in October that a public listing could come sometime this year.

Lyft's new funding round comes just six months after a $1.5 billion round and is being led by Fidelity Investments, The Wall Street Journal first reported. The company was most recently valued at $11.7 billion in May, according to Pitchbook.

Correction: Lyft's new funding round is being led by Fidelity Investments. The original article from The Wall Street Journal misstated the number of firms leading the funding round.