In May, Lyft announced a partnership with Alphabet presumably created to find a vehicular home for the self-driving auto technology being developed by Waymo, the new name for Google's eight-year-old autonomous vehicle program.
An unnamed source told Bloomberg that Alphabet's investment could amount to $1 billion.
An investment from Alphabet could provide a boost to Lyft as its battlesUber for market share in the USA and would also enable Lyft to ensure its independence for the near future. Like Uber, Lyft believes self-driving cars will be a boon to ride-sharing, and is moving aggressively to develop the technology.
Lyft has to date raised more than $2 billion in venture capital funding from sources such as General Motors, Andreessen Horowitz, Mayfield, Floodgate and activist investor Carl Icahn.
Lyft and Alphabet's friendly relationship ramped up last spring.
Furthermore, the substantial funding could make a big impact on the United States ride-hailing market, in which Lyft has already gained market share this year as a result of Uber's series of scandals. Lyft and Alphabet declined to comment.
Uber is now in the process of trying to secure more funding, with Lyft set to expand into Canada - which would be its first global expansion.
If the investment pushes through, it will add to the already-heavy plate of problems of Uber and its new CEO.
With an extra $1 billion to play with, Lyft could suddenly find itself in a position to embark on an even more ambitious growth program.
In San Francisco, the company has expanded its shuttle service with a total eight routes, and it has six sroutes in Chicago.
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