A billionaire Saudi prince is buying a piece of Lyft for $105 million

[EF-Roger]

Lyft is getting a nearly $105 million investment from a Saudi prince, The Wall Street Journalreports.

The cash infusion comes from Saudi Arabia's Prince Alwaleed bin Talal, via his Kingdom Holding Company. The investment will give the group a 2.3% stake in Lyft.

The cash, according to The Journal, is part of a larger fundraise totaling more than $247 million for 5.3% of the ridesharing company.

Lyft is Uber's closest ridesharing rival in the US, but the two services could not be further apart in their respective valuation

Read more A billionaire Saudi prince is buying a piece of Lyft for $105 million

 

[dyanmarie25]

Wow. I think that's a good news for both the Saudi prince, and Lyft. We don't have Lyft here in my country. We only have access to Uber, but I hope in time, they'll also consider operating in other countries, specially in Asia.

 

[arthnel]

I think it's a good investment overall. I never thought Uber would have made it this far but they seem to know exactly how to build on a good concept and I love that in business. Lyft is pretty much just building on the concept and that injection is bound to raise standards and eliminate many of the dissatisfactions mentioned by people who signed up to work with Uber. It's an investment to watch to see where these new services are going.