Record-breaking July for Uber rival Lyft

Lyft, one of Uber's main rivals in the cab-hailing market, has posted an impressive record-breaking increase in its number of rides for July.

The company revealed in a monthly letter to investors that it performed 13.9 million rides in the month, a massive 1.5 million, or 12%, more than the previous month.

The company also hit more than $2bn in what it calls net ride value for the first time in its history, on a run-rate basis. Net ride value — not to be confused with Lyft's revenue — is the amount passengers pay without accounting for tips and tolls.

3 million monthly users now pass through the site, up from 2 million in just February of this year, with 825,000 new users and 50,000 new drivers.

"Lyft attracted the largest number of new passengers and drivers in a single month, as well as the highest number of active passengers and drivers since inception," the document said.

Lyft has been under pressure to sell after a similar deal between Uber's China operations and Didi Chuxing led to the merger between the companies where Uber admitted defeat. A similar concession has been touted by experts for Lyft.

Previously leaked investor presentations reported by Bloomberg have shown that the company expected to report $796m in revenue in 2015, a 512% increase from the previous year.

"During the first six months of 2016, Lyft exceeded the Company's full year 2015 operating results for ride volume, Net Ride Value and GAAP revenue," the document reads. "The Company remained under the Board approved budget during the first six months of 2016."