Lyft raised around $250 million in funding last week in order to invest in expansion, marketing, and infrastructure. Lyft is now dropping its price of up to 20% in all of its markets as part of the Spring Pricing initiative.
This will not affect the amount of money that drivers make. Lyft is temporarily suspending its 20% commission while testing out new rates. Last month, Lyft announced the new “Happy Hour” pricing where rates would be lowered during periods of low demand.
Lyft has also given free rides to users in newly launched cities that are part of the “pioneers” program.