Following Lyft’s decision to go public with its $24.3 billion IPO, the ridesharing giant pledges to invest $50 million to strengthen its civic engagement. Lyft’s new initiative, named City Works, is slated to begin the project in Los Angeles, California.
According to CBS News, the ridesharing company is committed to providing $50 million to maintain its initiative every year. This amount may be equivalent to 1 per cent of the company’s profits for the year, whichever has a higher amount.
City Works and Its Goals
City Works is the newly launched initiative by the popular ride-sharing company. Under this program, Lyft will be providing life-changing experiences and commitments to the city. To start off, the company will be giving free transportation, developing more sustainable and accessible transportation infrastructure and solutions, and will be highlighting clean energy use, reports Venture Beat.
A closer look at the new program sheds light on the company’s desire to help the city through a grassroots movement. CBS News notes that medical patients and low-income senior citizens residing in the area will be provided with free or discounted rides. In addition, the business will also delve into exploring and creating new technologies that promote greener solutions, including the use of bikes and scooters.
To celebrate its commitment and its public debut, Lyft, through City Works, has also decided to partner with Mayor Garcetti’s program named ‘A Bridge Home.’ According to NBC Los Angeles, the mayor’s program centers on providing temporary shelters to homeless people living in the city. Following this partnership, CBS reports that the ridesharing giant also donated $5 million to Garcetti’s initiative.
Apart from donating, the business will also cater to the organization’s transportation needs to support partner organizations such as the YWCA of Greater Los Angeles, PATH, and The People Concern reports NBC. Venture Beat also notes that Lyft will use its reach to provide low-cost scooters and bikes to lower-income families and individuals.