63.00 Dollar US$ Investors fuel a multibillion-dollar ride-sharing frenzy Clermont

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Funeral Director Published date: November 17, 2017
  • Country: Canada
  • Region: WNA
  • City: Clermont
  • City area: 5650
  • Address: Lodewijk De Raetlaan 141, Clermont

Investors keep pouring money into smartphone ride-sharing services in the hope that they will someday become profitable

Investors including Japan's SoftBank and Google-parent Alphabet are fueling a drive to a ride-sharing future, betting on startups such as industry giants Uber and Lyft which have so far failed to deliver profits.

The frenzied pace of investment suggests optimism over a new model that has disrupted local taxi and transport operations around the globe.

A recent Goldman Sachs study projected that the worldwide ride-sharing market could grow eight-fold by the year 2030, reaching $285 billion annually.

Lyft, which is Uber's main rival in the United States, raised a billion dollars in a recent investment round led by an investment arm of Alphabet.

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