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

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 valuations.

Uber weighs in at a $64.6 billion valuation, based on its latest round of funding, while Lyft lands at an estimated $4.9 billion valuation after the new investments that were announced Thursday.

Despite the foreign investments, Lyft will continue operating in the US exclusively — unlike Uber, which operates in 68 countries. Lyft has made moves recently to expand overseas, without having to leave its San Francisco headquarters… see more

source: businessindier