Axios reports that the investment is being pushed by top-level executives rather than Alphabet's in-house investment fund organizations. Alphabet is already a shareholder in Uber Technologies, Lyft's largest rival, through its investment arm GV. Google, which had previously invested $258 million in Uber (via Google Ventures), is suing Uber for allegedly stealing thousands of files from Google's self driving vehicle company, Waymo.
The investment, which hasn't been finalized, could be as much as $1 billion, according to Bloomberg.
Google's parent company isn't the only firm showing interest in Uber's main competitor, with SoftBank CEO Masayoshi Son revealed he has interest in making an investment into either Lyft or Uber last month.
Recently Lyft has been focusing on controlling its spending, as the cash would give the startup the chance to pursue more growth with subsidies for its drivers, discounts for its riders and marketing. It is now the second largest ride-hailing service in the U.S.by ride volume after Uber.
We believe that Alphabet's expertise in data collecting, storing and monetizing makes it a formidable player in the autonomous driving market.
Both Alphabet and Lyft declined to comment when pinged by the publication. If such a deal goes through, though, it could be a major boost for Lyft, which has always been a distant No. 2 to Uber in size and in war chest.
In April, Lyft brought $600 million up in crisp subsidizing, expanding its valuation from $5.5 billion to $7.5 billion.
In San Francisco, the company has expanded its shuttle service with a total eight routes, and it has six sroutes in Chicago.