YayYo, the online ridesharing company, is gearing up an initial public offering (IPO) in the U.S.
Seeking Alpha, citing an S-1/A registration with the Securities and Exchange Commission (SEC), reported the company is aiming to raise $5 million in gross proceeds from the IPO. As YayYo is still an early stage startup, shareholders are selling large amounts of shares in the IPO.
YayYo launched in 2016, aiming to create a cloud-based platform that provides price comparisons of both Uber and Lyft. Citing a report from Mordor Intelligence, the North American ridesharing market is projected to grow at a CAGR of 17.69 percent between 2018 and 2023.
The potential IPO comes at a time when the ridesharing market is booming. In late July, Uber has reached a major milestone of completing more than 10 billion trips.
“We’ve hit some pretty exciting milestones together in the past, and this latest one is no different,” the company wrote in a blog post. “On Sunday, June 10, 173 trips and deliveries started simultaneously at 10:12 p.m. GMT, putting us [at] over 10 billion completed trips.”
The ridesharing company has made trips in more than 21 countries across five continents, including Montreal, Mexico City and Miami. Uber revealed that Latin America took the top spot for most simultaneous trips on a continent. The shortest Uber Eats delivery clocked in at just over half a mile, while the longest trip was a 41-mile ride to the airport in Denver.
“It’s safe to say we’re just as excited as we were on day one to continue building the best products and experiences for the next 10 billion trips. From all of us at Uber, thank you,” the company stated.
Meanwhile, in May, Lyft revealed its internal market share numbers show that it now has 35 percent of the national ridesharing market, up from 20 percent 18 months ago. The company also said at the time that its market share is over 40 percent in 16 U.S. markets, and that it has a majority share in “multiple” markets.