Lyft has reportedly raised a new round of funding to support its on-demand ride hailing service.
It’s believed that investors have put $500 million more into the company’s coffers, probably invigorated by its recent market growth and Uber’s stumbles.
A Lyft spokesperson declined to comment.
While the Financial Times and Wall Street Journal were the first publications to report this fundraise, the valuations were different, with the former saying $6.9 billion while the latter said $7.5 billion.
It’s unknown who the new investors are in this round.
If confirmed, it would be the eighth round of investments Lyft has received, bringing its total amount raised to approximately $2.5 billion.
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However, this is far less than what its main U.S. competitor Uber has raised.
It’s unclear what Lyft will do with the investment, but it’s likely to put it toward accelerating growth, including adding more markets.
Interestingly, while Uber has branched out into adjacent services such as food delivery and courier services, Lyft hasn’t gone down that road (no pun intended).
Instead, the company many have billed as the anti-Uber has been moving forward with enhancing the overall experience for both drivers and riders.
Lyft car with trademark pink mustache (via Wikimedia)
Updated as of April 6, 2017: Updated to correct that latest investors have not been revealed.
This article, written by Ken Yeung, was originally published on VentureBeat, an editorial partner of GreenCarReports.