Lyft Inc.’s bookings and ridership surged in the first quarter, suggesting the company benefited from user defections and management turmoil at larger rival Uber Technologies Inc.
Lyft also told investors in fundraising documents obtained by Bloomberg that it was beating internal growth targets, an encouraging sign for the No. 2 U.S. ride-hailing company.
Even so, the startup has a long way to go to meet its goal of profitability by 2018, with first-quarter losses easily topping $100 million.
In April, Lyft said it closed a $600 million round of financing , valuing the company at $7.5 billion. Though it’s been quiet about the timing of an initial public offering, new Lyft investors, like private equity firm KKR & Co. and asset manager Baillie Gifford, generally expect the private companies they back to go public within a few years. "Lyft had an incredible first quarter as we continued to focus on providing a better and better experience for our drivers and passengers," a spokesman wrote in an email. "We gained market share and set ridership records across the entire U.S." He declined to comment further.
The company told prospective investors last month it expected $800 million in first-quarter gross bookings, more than double the […]