Lyft Announces Partnership with city of LA Ahead of its IPO

March 29, 2019 - 8:14 am

As part of its IPO day celebrations, ride-share company Lyft held a news conference early this morning in Los Angeles to announce a new partnership with the city.

The company is paying $5 million a year to provide free and reduced cost rides for non-profit groups and low-income residents.

LA Mayor Eric Garcetti tells KNX why he got involved in making the announcement on IPO day.

I got a call from John Zimmer, one of the co-founders and he said look, 'we have been working on cities and the future of cities together' and he said 'we are looking at doing soemthing to give back to cities and we want our opening to be not just about trading but we want to show you we are and what we stand for and we want to do that  in LA because it's the best city to embody that' and I said 'come on to LA,'" he said.

L.A. is leading America's transportation revolution, and Lyft is a part of that promising future.

Their spirit of corporate responsibility will guide the future of public-private partnerships that benefit residents first," Mayor Eric Garcetti said in a tweet.

We're still awaiting the first Lyft trade on Wall Street.