Lyft to give drivers one-time bonus of up to $10k as part of IPO
Priya Wadhwa
Industry Watch

Lyft to give drivers one-time bonus of up to $10k as part of IPO

Company decides to reward drivers, who are an integral part of the company.

There are many private companies that have been private for a long time. Over the last few years, it has become easier to stay private for longer, as there is more private capital available. One of the most well-known sources of private capital is SoftBank’s Vision Fund, which has funded many private companies over the years. Nonetheless, there are many large start-ups that are looking to list themselves on a public exchange this year. Well-known names include Uber, Pinterest and Slack. Another one, which has recently filed the necessary paperwork with the SEC in the United States, is ride-hailing start-up Lyft.

As part of Lyft’s initial public offering, the transportation company has decided to reward its drivers, who are not technically employees of the company but form the backbone of the company’s core service. The program will give a maximum cash bonus of $10k to drivers “in good standing” who have completed at least 20,000 rides as of February 25, 2019. Learn more about the incentive programme by Lyft here.