Increasing its challenge and in order to compete with ride-sharing rivals Uber, Ola, Taxi for Sure, Meru, etc., the US borne ride-sharing services company Lyft has revealed that it has received a huge investment to expand its services in the Asian region.
The firm, Kingdom Holding Co., 95% of which is owned by a billionaire Saudi prince Alwaleed bin Talal has invested $104.9 million in the San Francisco based start-up. This makes Kingdom Holding the owner of 2.3% of the company. Kingdom Holding Co. has always been experimenting with its investments in diversified fields ranging from the Seasons Hotels to the Euro Disney theme park to News Corporation and Citigroup.
Lyft has received a total investment of approximately $248 million in its endeavor to extend its services throughout. The company is currently valued at $2.5 billion. Lyft had announced an expansion of its coalitions with Asian allies earlier this month, increasing its challenge to various other ride-sharing giants that are already in the market.
The coming months may see a steep rise in the expansion policies of Lyft throughout the world, especially the Asian region. The company plans to keep the pricing in accordance with the current trends of the competitors so as to survive in competition with them and be more successful than the others.
Abhishek Upadhyay Posted on December 28, 2015
Abhishek Upadhyay is a Web Designer and Content Writer in absolute love with travel and technology, hails from Kolkata and plans to go places in search of inspiration and creativity.
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