Led by Uber, they've created a duopoly in the US that puts them on the road to profitability, according to Light Street Capital's Glen Kacher.
"If you rent a room that has five desks for your startup, there's not that much pooling efficiency," Kacher said.
He continued: "Those five desks are only used by your employees. But in an Uber or a Lyft situation, that car drives around multiple cities in a day and may have 15 or 20 riders ... that's a very unique economic solution as opposed to WeWork that's just carving a floor up into very tiny little spaces."
Kacher also sees the ridesharing market in the US as a well-oiled duopoly. Led by Uber, both companies are flexing theirLyft is inadvertently benefiting from the fact that Uber is fighting in ridesharing and food-delivery markets outside the US, Kacher said. Lyft is really only playing in "one and a half markets" — the US and Canada — but can also improve its margins by following Uber's lead and raising prices, he added.
Light Street, which manages $2 billion in global technology assets, had invested in both firms before they went public. The stakes are worth nearly $137 million, data from regulatory filings compiled by Bloomberg show.
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