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 rival in the on-demand ridesharing space, but the two services could not be further apart in their respective valuations. Uber weighs in at a $64.6 billion valuation, while Lyft lands at an estimated $4.92 billion valuation after the new investments that were announced Thursday.
For the time being, Lyft will continue operating in the US exclusively — unlike Uber, which operates in 68 countries. However, Lyft has made moves recently to expand overseas, without having to leave its San Francisco-based office.
In September, Lyft partnered with Uber’s biggest rival in China, Didi Kualdi. The two companies are expanding their alliance with other Asian ridesharing services — including Singapore’s GrabTaxi and Ola in India.
Didi Kuaidi invested $100 million in Lyft’s Series E round. Lyft’s John Zimmer said during the companies’ September press conference that the partnership will go into effect early next year.