Icahn Enterprises Invests $100 million in Lyft Inc

Icahn Enterprises Invests $100 million in Lyft IncIcahn Enterprises LP, in an unusual move invested $100 million in the ride-sharing company, Lyft Inc. Carl Icahn's investment in the company boosts the momentum of its speedy expansion. However, it still lags far behind its rival Uber as far as the cash pile is concerned.

Icahn, the activist investor is now one of the many backers who have invested in the startup which is just three years old. Such names include Coatue Management, Andreessen Horowitz, Third Point Management and Alibaba, the Chinese e-commerce company.

Lyft, is well known for its cars that display a logo of a pink moustache. The ride sharing service uses a smartphone app to find paid drivers for riders. The drivers use their own vehicles for the services. It is a similar kind of service that is offered by Uber Technologies Inc.

Uber by all means is a bigger company and offers a varied range of services like limousine rides and has a global presence. It also aspires to move into varied services which also include growing further into logistics. It is valued at $40 billion where as Lyft's valuation is $2.5 billion.