Lyft is targeting $1 Billion in Gross Revenue This Year: Logan Green

Lyft is targeting $1 Billion in Gross Revenue This Year, says CEO Logan Green

San-Francisco-based Ridesharing company Lyft is targeting $1 billion in revenue during the current year, said CEO Logan Green. At the South by Southwest festival in Austin, Texas on Monday, Green informed that the company is experiencing rapid growth and their team is planning to expand in more cities. The company is presently valued at $2.5 billion.

In an interview hosted by the Wall Street Journal's Douglas MacMillan, he said, "Our vision for the world is making car ownership unnecessary. That way people have more disposable income to spend on other areas of their life".

He also said that he was inspired to improve transportation after spending much of his life in Los Angeles traffic jams. He shared that his experience was traumatic and later he decided to create a service that could help in reducing the number of cars on the road.

Green initially launched the ride sharing service, Zimride, in 2007 and founded the mobile-focused Lyft in 2012.

Before his presentation, Green revealed that Lyft is targeting $1 billion in gross revenue this year and is targeting $2.7 billion in gross revenue next year. It has been found that Techcrunch also reported that Lyft expects to be profitable in 2016.

Lyft even launched its car sharing service, Lyft Line, on the same day Uber offered a similar version, called Uber Pool.

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