The investors in the funding round include KKR, Baillie Gifford, Alliance Bernstein, Canada's Public Sector Pension Investment Board (PSP) along with Rakuten and Janus Capital.
Lyft is continuing to focus on the people behind its business, making sure to take care of its drivers, passengers and team members.
Image: Lyft raises $600m in new round of funding.
Lyft has confirmed that it has raised a new round of funding, bringing in $600 million from a mix of new and existing investors.
"Lyft is fundamentally changing the way people think about vehicle ownership and transportation", said George Roberts, Co-Founder and Co-CEO of KKR.
According to a source, Lyft has been fundraising since late a year ago, just before Uber's troubles began.
#DeleteUber, which trended at the end of January because of the company's reaction to President Donald Trump's first immigrant travel ban, led hundreds of thousands of people to remove the app in a week. Lyft's target is believed to have been $500 million.
At that $7.5 billion value, Lyft is worth about 10% of competitor Uber Technologies but has so far steered clear of the adverse publicity Uber's management has received.
Updated as of 12:18 p.m. Pacific: Post updated with comment from Lyft.
"If you go to the wrong hospital because of self-transport - Uber or Lyft - that hospital will then call 911", Eckstein said, "and that difference of 30 minutes or more could mean the difference between life and death".
Uber said last month it reached a record number of weekly rides in the U.S.
The company will use the funds to continue investing in new technology and hospitality in order to create experiences for passengers and drivers.