KHC invests in Lyft

RIYADH: A firm owned by a Saudi prince said on Thursday it had led a group that invested around $248 million in US ride-sharing service company Lyft. Kingdom Holding Co (KHC), which is 95 per cent-owned by billionaire Prince Alwaleed bin Talal, invested $104.9 million in the San Francisco-based start-up, it said in a statement. The investment is equivalent to a 2.3 per cent stake. Kingdom Holding invested $31 million in a capital increase and spent $73.9 million to acquire preferred shares from other investors, it said. The statement did not identify the co-investors.