Published On: Sun, Dec 27th, 2015

Saudi’s Prince Bin Talal among group investing $247.7 million in Lyft

Logan Green and John Zimmer's Lyft, are biggest competitor in the United States of Travis Kalanick's Uber Technologies. But they are not yet there.

 

SAUDI-ROYALS-CHARITY-ALWALEED

 

Saudi Arabia’s Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, said on Thursday it had led a group of investors that bought 5.3 percent of U.S. ride-hailing firm Lyft for $247.7 million.

Logan Green and John Zimmer’s Lyft, are biggest competitor in the United States of Travis Kalanick’s Uber Technologies. But they are not yet there. San Francisco based Lyft is looking to raise up to $1 billion in a Series F funding round, as published earlier this week.

The billionaire prince’s investment firm KHC is a major investor in Silicon Valley tech and other assets, owning 5 percent of Twitter.

Lyft which was launched in 2012 works as a peer-to-peer ride-hailing app. Currently operating in 65 US cities including San Francisco, New York and Los Angeles, the cash injection by Prince Alwaleed is set to help Lyft expand both domestically and internationally.

Despite the efforts of several governments around the world to break up or outright ban ride-hailing apps like Uber and Lyft, their popularity continues to grow and with drivers now undergoing strict screening and background checks, their legitimacy enhances day by day.

Kingdom Holding Company has a market cap of more than $18 billion and has stakes in hotels, media, tech and real estate globally.

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