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Home»Finance»Lyft to buy taxi app Free Now for $200 million to expand into Europe
Finance

Lyft to buy taxi app Free Now for $200 million to expand into Europe

April 16, 2025No Comments3 Mins Read
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Lyft to buy taxi app Free Now for $200 million to expand into Europe
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Lyft brand is seen on this illustration taken June 27, 2022.

Dado Ruvic | Reuters

U.S. ride-hailing agency Lyft on Wednesday introduced that it is shopping for European taxi app Free Now in a 175 million euro ($199 million) deal.

The corporate mentioned that the acquisition — Lyft’s first in Europe — is anticipated to shut within the second half of 2025, and that, as soon as mixed, the 2 firms will serve over 50 million mixed annual customers.

Based in 2009 as myTaxi, Free Now could be a ride-hailing platform headquartered in Hamburg, Germany. The corporate has been collectively owned by German automotive giants BMW and Mercedes-Benz since 2019.

The app is out there in over 150 cities throughout 9 international locations, together with Eire, the U.Okay., Germany and France. Past conventional taxi and ride-hailing providers, Free Now additionally presents different mobility choices together with e-scooters, e-mopeds and e-bikes.

The startup is earnings-positive on the idea of Earnings Earlier than Curiosity, Debt and Amortization, producing gross bookings over 1 billion euros in 2024, based on an organization reality sheet.

‘Now could be the time’

Buying Free Now will give Lyft a path to broaden into the extremely aggressive European ride-hailing market, the place it’s going to come up in opposition to the likes of Uber, Estonia’s Bolt and Israel’s Gett.

Lyft CEO David Risher: $200M FreeNow acquisition 'makes us a global company'

Lyft CEO David Risher advised CNBC that the corporate is barely now coming into Europe as a result of it noticed a chance to broaden after steadily enhancing the service in North America.

Noting that Thursday will mark his two-year anniversary as Lyft CEO, Risher mentioned: “Once I began, sadly, we had been dropping share, we had been dropping cash. We weren’t doing so nice for riders or drivers.”

“Now, we choose you up a couple of minute quicker, driver cancelation is right down to lower than 5%, drivers are making billions of {dollars} on the platform. And our Canada operation has doubled this 12 months over final 12 months.”

He added: “So, trying on the robust service ranges, taking a look at the truth that internationally, inside Canada, we’re doing fairly properly. Now we mentioned, ‘ what, now could be the time?”

Lyft’s closest home rival, Uber, has a prolonged head begin on the agency, having first launched within the U.Okay. again in 2012. It has since been beset by a collection of regulatory points.

London’s transport regulators tried to ban Uber two instances over security issues. The corporate was ultimately awarded a recent license to proceed working within the metropolis in 2022.

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