Uber appears to be raising another meteoric round.
This comes just five months after Uber raised a $1.2 billion Series D round at a $17 billion valuation in June. This new round, if completed, would put total funding around $2.5 billion for the four-year-old company.
The Financial Times noted that the fresh cash would be used to help Uber expand into places like Asia, Latin America, Eastern Europe, and Africa. It could also allow Uber to push forward with potential new verticals past just transportation, like delivering food or drug store items.
Uber, which has faced stiff competition from companies like Lyft and plenty of backlash from regulators and the taxi industry, is now operating in 228 cities in 45 countries.