As local taxi companies fend off Uber’s moves around Richmond, another Silicon Valley-based ride hailing company has merged onto the scene.

Lyft, Uber’s main app-based rival, will begin operations in Richmond today.

When the company officially launches locally at noon, Richmonders with smartphones will be able to use the Lyft app to get rides around town or sign up to become drivers.

Known for its pink mustache logo, Lyft joins Uber as the only other so-called transportation network company operating in Richmond. The TNC designation was created by the Virginia DMV in an attempt to regulate Uber and Lyft upon their bumpy entry into Virginia in 2014, during which they butted heads with the state about their right to operate here. The controversy led to state legislation regulating the companies.

Lyft’s entry comes two years after Uber got rolling in Richmond. The presence of ride-hailing services has raised the ire of area taxi companies, which have called for more regulations for TNCs.

Before Richmond, Lyft launched in Hampton, Newport News, Norfolk and Virginia Beach. In Virginia, Lyft also operates in Alexandria, Arlington and Tysons Corner.

Lyft spokesperson Mary Caroline Pruitt said local excitement for Lyft prompted the company to begin operations in Richmond – an arrival that comes two years after Uber got in gear in the area.

“We’ve been focused on growth and rapidly expanding over the last year,” Pruitt said in an email. “The transportation industry is a $2 trillion industry, and there is room for multiple services.”

According to Fortune, Lyft has raised $2 billion in capital since its founding in 2012 and was recently valued at $5.5 billion. In addition to ride-hailing, Lyft has a carpooling service it’s trying to grow.

Lyft’s Richmond rates were not available by press time. In Hampton, Lyft’s base fare is 50 cents, and rides are 64 cents per mile and 11 cents per minute. There is also a $1.90 “trust and service fee.”

Rates vary by city and are based on miles traveled, time, and rider demand. Lyft offers rides for up to three people. Richmond will also have access to Lyft Plus, which offers rides for up to six passengers. Lyft Line, the company’s carpool service, is not slated to be available in Richmond.

Pruitt could not say just how many drivers have signed on with Lyft or how many Richmonders have downloaded the app. The company has 315,000 drivers across the U.S., Caroline said. Unlike Uber, Lyft’s app lets riders tip their drivers.

“Drivers keep 100 percent of the tips,” Pruitt said, adding that Lyft has a rewards program for drivers.