Uber Technologies Inc.’s competitor in the ride-sharing business Lyft, Inc. has landed a nearly $250 million investment led by Saudi Arabia’s billionaire Prince Alwaleed bin Talal.

According to a report by The Wall Street Journal, the prince, through his Kingdom Holding Co., is investing $104.9 million for a 2.3 percent stake in Lyft. The investment is part of a total $247.7 million investment in Lyft by an unnamed group for an overall stake of 5.3 percent in Lyft.

This latest investment raises Lyft’s estimated valuation to $4.92 billion, still only a fraction of Uber’s $64.6 billion valuation following its latest round of funding.

The much smaller Lyft still only operates in the U.S. despite the influx of foreign investment while Uber currently operates in 292 cities across 68 countries. Lyft is taking the fight to Uber internationally, though.

In September, Lyft announced a partnership with Didi Kuaidi (Xiaoju Kuaizhi Inc.), Uber’s biggest rival in China, and the two companies have since expanded their agreement to include Singapore’s GrabTaxi Holdings Pte. Ltd. and India’s Ola (ANI Technologies Pvt. Ltd.) to compete with Uber.

Didi Kuaidi invested $100 million as part of Lyft’s $530 million Series E round earlier this year. And, according to paperwork filed in Delaware earlier this month, Lyft is looking to raise as much as $1 billion through the sale of new preferred shares which could value the company at an estimated $5.75 billion, according to analysts. To date, Lyft has raised $1.01 billion in funding in eight rounds from 26 Investors.

Lyft is the latest addition to Prince Alwaleed bin Talal’s investment portfolio which includes investments in Apple, Twitter Inc., News Corp and other companies across the agriculture, healthcare and hospitality industries.

Image credit: Alfredo Mendez via Flickr