Ride-hailing service Lyft is in discussions to raise another $250 million, which would value the San Francisco-based company at $2 billion.
The New York Times reports that Lyft could actually raise as much as $500 million. The three-year-old company last raised a $250 million Series D round in April 2014, which pushed total funding past $332 million.
The fresh cash would provide a nice boost for Lyft as it tries to compete with Uber, which has now raised more than $4 billion and is valued at $40 billion. Uber, which launched in 2009, is now operating in more than 270 cities across 54 countries.
Lyft, meanwhile, offers service in more than 60 U.S. cities, but has yet to expand internationally.
The two companies have gone head-to-head over the past several years in an attempt to win over ride-hailing smartphone users. Buzzfeed has a good look at Lyft’s ambitious attempt to keep up with, and beat, Uber.