In its IPO paperwork, Lyft gives a weird, whimsical explanation for what the 'Y' in its name stands for
- In the company's S-1 filing on Friday, Lyft co-founders Logan Green and John Zimmer wrote that the "Y" in Lyft actually stands for "why."
- "The why in what Lyft is doing is most important to us, as well as the cities and communities we serve, and it will always be our company's North Star," the co-founders wrote.
- The company's mission, they wrote, is to "improve people's lives with the world's best transportation."
- Lyft has long tried to differentiate itself from its much larger competitor, Uber, by offering a more "down-to-Earth" and ridesharing app with a friendlier face.
In the company's S-1 filing on Friday, co-founders Logan Green and John Zimmer wrote that the "Y" in Lyft actually stands for "why."
And according to the co-founders, "The why in what Lyft is doing is most important to us, as well as the cities and communities we serve, and it will always be our company's North Star."
The company's mission, they wrote, is to "improve people's lives with the world's best transportation."
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Lyft has long tried to differentiate itself from its much larger competitor, Uber, by offering a more "down-to-Earth" and ridesharing app with a friendlier, more whimsical face.
Originally, Lyft required drivers to put giant fuzzy mustaches on the front of their cars, and urged them to fist-bump with the driver upon taking their seat. Lyft has also tried to promote itself as treating drivers better than Lyft - it long offered tipping as an option in its app, while Uber did not. Uber finally added tipping as an option in 2017.
The founders wrote on Friday that they believe their ridesharing platform can improve lives socially (by bringing people together), economically (by providing affordable transportation options), and environmentally (by cutting down on carbon emissions).
"We've been able to drive industry-leading growth against many odds, fueled by a company culture that attracts and retains top talent who is passionate about our shared purpose," the letter read. "In today's world, operating with a genuine mission is essential to establishing an enduring brand and successful business."
Lyft will list on the Nasdaq under the ticker symbol LYFT, and may go public as soon as April. Its revenues in 2018, according to the filing, were $2.2 billion.