U.S.-based ride-hailing company Lyft has agreed to extend bicycle sharing platform Citi Bike's bike-share program.

Lyft intends to improve the system and double Citi Bike's service area with $100 million investment.

As a result of the deal, Citi Bike will extend to neighbourhoods that already have Citi Bike stations and triple in size to nearly 40,000 bicycles and expand by 35 square miles over five years.

Lyft plans to infuse the investments with aims to restore the existing system to Citi Bike's required fleet level of 12,000 bikes and the expanded fleet will include both regular and pedal-assist bikes within 90 days.