Lyft Inc has purchased U.S.-based startup Halo Cars, which permits drivers to make money from digital advertisements showed on top of their vehicles.
The deal, first reported by Axios, was verified by the ride-hailing company on Friday. Lyft has not discussed the financing of the deal yet.
Halo Cars was established in 2018 and has operations in U.S. markets such as New York and Chicago.
Lyft and larger competitor Uber Technologies Inc, both based in San Francisco, are looking forward to different ways in search of profitability, with Uber investing money into side businesses which have so far lost money and Lyft focusing only on ride-hailing business.
With operations in the United States and some Canadian cities, Lyft stated earlier this month its active rider client base in the fourth quarter increased to 22.9 million from 22.3 million the previous quarter. Where as Uber has 111 million active platform users in the same period.
