Lyft is in talks to raise $250 million in financing, potentially pushing the company's valuation to $2 billion, the New York Times reported.
Lyft will reportedly use the funding to expand beyond the U.S. markets in which it currently operates and possibly ramp up its marketing. The ride-hailing service recently overhauled its brand and shaved off the signature pink mustache that its cars had sported.
The infusion of funding could give the company a new wind in its battle against its much larger rival Uber. Still, the $2 billion figure pales in comparison to Uber's staggering $40 billion-plus valuation. Lyft currently operates in 60 U.S. markets while Uber services 250 cities worldwide.
The round has not yet been finalized, but the Times said some of the funding is expected to come from existing investors. Lyft most recently raised $250 million in April of last year to fuel its domestic and international expansion.
A Lyft spokesperson declined to comment.