Lyft boosts up the Funding system in the Emerging Market to enhance its Growth

Lyft, a famous on-demand ride sharing app similar to that of the Uber was introduced in the year 2012. It is a friendly, safe and economical transportation option that fills empty seats in passenger vehicles by matching drivers and the riders through a Smartphone application. The company matches about two million rides per month across sixty cities. The new launch of Lyft Line in the year 2014 enables multiple parties traveling separately to be matched with a common driver to maximize the route and fuel efficiency. The drivers can also indicate the intended destination before accepting a ride request to maximize the vehicle occupancy during incidental rides.

Summary about Lyft Drivers

The Lyft drivers can earn a meaningful and supplemental income. A recent survey shows about sixty-six percent of the driver earnings are used to cover the primary expenses like food, housing, and medical expenses. The drivers require an extremely flexible schedule that adjusts to the personal obligations and availability. About ninety-five percent of the drivers feel flexible hours are extremely important.

The combination of income and flexibility empowers the drivers to maintain the own business. In a recent survey, about twenty-five percent of the drivers own a business and seventy percent of the business owners say earnings from the Lyft driving allow them to continue operating their business. The drivers and passengers make lasting connections. Most of the drivers exclaim that they are matched with a person at least once a week and more than half say a ride ended with a profited business connection.

A Brief Sketch about the Lyft Passengers

The passengers have additional transportation options. The Lyft passengers in California saved about three million hours in the year 2014 compared to the alternate mode of transportation. The customers wish to travel on their own schedule, to avoid the hassle of parking, spend less time commuting and also feel empowered to visit the areas of the city that are not accessible. They often use Lyft for commuting purposes, medical appointments and also connecting to public transportation. The recent analysis shows that over twenty percent of Lyft rides in Silicon Valley start at or end at a Caltrain station. Cashless transactions increase the safety for passengers as well as drivers. About ninety-four percent of the passengers agree that Lyft’s transaction is safer and more convenient than cash.

Lyft Smartphone App

This app works in a different way for both passengers and the drivers. The customer should download the app on the Smartphone and input the credit card information. Then for requesting a ride, he/she must tap to check whether any ride is available or not and view the estimated time of arrival. Based on the proximity and the ratings, the details get matched and track the driver location in real-time. When the ride is complete, fare data will be reviewed and the payment is electronically submitted and no cash is exchanged. After the ride, rate the driver and leave optional comments based on safety, navigation etc.

The Lyft drivers get the app on the Smartphone, input personal car, the year, model etc. Then move through the screening process including criminal background and the driver records will be checked. If the on boarded process is approved, the next step will be followed. Only the approved members can access the driver mode. After reviewing passenger location, photo, and rating accept the rides as they appear on the Smartphone. After the commencement of ride, rate the passenger and leave optional comments. The driver will not know these rating details given by the customer.

Driver background Checks

The Lyft Drivers undergoes screening process prior to approval and high standards are enforced through the real-time passenger ratings after each ride. Each and every driver who applies to become a part of the Lyft community is obliged for the criminal offenses and the driving incidents. Each background check includes a social security number verification. This verification searches against a database of over four hundred different sources such as major credit headers, vehicle registrations, and US Postal mail Forwarding Service, and other resources where the individual has used the social security number along with a name and an address. This search generates a past of events and present addresses and a list of names associated with those addresses, including nicknames etc.

An increased nationwide criminal search, which looks against millions of records collected from all over the country. The driver should be the age of twenty-one and above with one year of driving history. The valid personal auto insurance should exceed the state requirements. No severe violations in the past seven years and also no major violations in the past three years. This verification process mainly screens for the violence, theft, sexual offenses, property damage, drug-related offenses etc.

What is Zero Tolerance policy?

The passengers are encouraged to call or email Lyft support if they suspect a driver is under the influence of alcohol. The company will immediately suspend the driver’s access to the app pending an investigation. It also actively monitors passenger feedback for the indicators for a zero policy violation.

Feedback Monitoring

Lyft automatically monitors passenger feedback for the keywords that may indicate a violation of the zero tolerance policy. The Lyft Trust and safety Team reviews concerning comments. If a violation of the zero tolerance policy is suspected, the driver will be suspended while the Trust and Safety team conducts an investigation. Lyft will contact the passenger for further details relating to a specific policy violation.

According to the Report

About seventy-eight percent of the passengers spend more money at regional enterprises because of Lyft. A recent report shows that the company added over one hundred and seventy million dollars to the California economy in the year 2014. About ninety percent of the passengers feel they are more likely to avoid driving while impaired because of Lyft. The company helps the cities to develop the transportation plans that appeal to a growing demographic of carless households. In a recent survey, more than half of the passengers said that they use a personal vehicle less because of Lyft and about forty percent said that they are more likely to avoid owning a personal vehicle entirely.

Whether Lyft trying to raise the new funding system?

Lyft, the second-largest ride-hailing company in the United States, is trying to raise more money, similar to that of the Uber. It is recently had an agreement with its investors about the new fund-raising that would increase the company’s value around six billion dollars. The company was valued nearly six billion dollars, and its main investor General Motors poured about one billion dollars into it. The company operates only in the United States while Uber is a global company.

Recently, Lyft’s app is rated as the top of the Apple app store’s download list. The change in the emerging market automatically led to lower the prices and offer deals to attract new customers and maintain the market share. It has been hard for either company to raise the prices enough to cover the costs. Both Uber and Lyft are still profitable and depend on private investment capital to fund the operations.

 

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Anand Rajendran

Anand Rajendran is CEO and Co-Founder of Zoplay, best PHP scripts development company located in India. Zoplay is a part of Casperon Technologies a leading social and mobile development company. I’m a Tech geek, Digital marketing expert, Entrepreneur, and Atheist who loves to write everything about PHP Scripts and mobile application development. Cabily Script is a clone of Uber, which developed by the tech gigs of his company.
Profile photo of Anand Rajendran

Anand Rajendran

Anand Rajendran is CEO and Co-Founder of Zoplay, best PHP scripts development company located in India. Zoplay is a part of Casperon Technologies a leading social and mobile development company. I’m a Tech geek, Digital marketing expert, Entrepreneur, and Atheist who loves to write everything about PHP Scripts and mobile application development. Cabily Script is a clone of Uber, which developed by the tech gigs of his company.

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