NEW YORK — Newly public ride-sharing companies Uber and Lyft have tumbled more than 25% since their initial public offerings, but Light Street's Glen Kacher still believes there's a path for profitability for them.

"The end market is huge," Kacher, chief investment officer and founder of Light Street Capital, said at the Delivering Alpha conference presented by CNBC and Institutional Investor.

Kacher said Uber and Lyft are both raising prices rapidly in the U.S. and they are also benefiting from rise in the food delivering business. Kacher, who manages $2 billion in global technology assets, said he's a shareholder in both companies.