Lyft follows in Uber's footsteps and enters the bike-sharing business.

(Reuters)- Lyft announced on Monday that it will buy Motivate, a bike-sharing operator, as the company tries to defend itself against competition from rival Uber, which bought the electric bike startup JUMP Bikes in April.

Lyft declined to comment on the value of the deal, but according to media reports, the company will pay approximately $250 million for the parent company of Ford GoBike and Citi Bike.

The agreement also signals a shift for Lyft toward a broader range of transportation options in urban centers.

Last week, Lyft said it raised $600 million in a new funding round led by Fidelity Management, doubling the company's valuation to $15,1 billion in just over a year.