Lyft Inc., the second-largest U.S. ride-hailing company, has started the process for an initial public offering in an effort to beat Uber Technologies Inc. to the public markets, people familiar with the matter said.

Lyft has hired IPO advisor Class V Group LLC to work closely with management as they embark on the process, said people familiar with the discussions who asked not to be identified because the matter is supposed to be private. The company plans to begin taking pitches from banks as soon as September, targeting March or April for the listing, the people said.