Saudi Prince Alwaleed Bin Talal’s Kingdom Holding Buys 2.3% Of Lyft For $247.7M, Boosting Lyft’s Valuation To $4.92B
Ride sharing service Lyft who is the main competitor to Uber in the US is getting a boost from Saudi Arabia billionaire prince Alwaleed Bin Talal.
The prince announced Thursday that his Kingdom Holding Co. is paying $104.9 million for 2.3 percent of Lyft, part of a larger investment by an unnamed group of $247.7 million for 5.3% of the San Francisco-based company. The investment boosts Lyft’s estimated valuation to $4.92 billion.
The center of Lyft and Uber services is a mobile app that dispatch riding orders to a pool of drivers as they compete with traditional taxi companies.
Unlike Uber that has massive overseas presence including in the Arab world competing locally with Dubai based Careem, Lyft focuses more on the US market it took investment China’s largest ride-share provider Didi Kuaidi.
Bin Talal’s kingdom holding has wide arrays of investment including media, tech, real estate and healthcare among others. His firm is valued at $18 billion and has shares in Apple, Twitter, News Corp and Citigroup and others.