Ride-hailing app Lyft, Uber's biggest competition in the United States, expects to raise up to $1 billion in a new round of financing, Bloomberg reported citing a Delaware state filing.
The document filed by Lyft on Friday evening did not indicate how much had been raised, who was investing in the round or list a valuation, Bloomberg said.
A spokeswoman for Lyft declined to comment on the report.
The latest round of funding could value Lyft at about $4.5 billion, according to Sven Weber, a financial filings expert. While Justin Byers at VC Experts estimated it closer to $3.9 billion, Bloomberg said.
In its previous fund raising round led by Japanese online retailer Rakuten, Lyft was valued at $2.5 billion.
Lyft, which makes a smartphone app that allows passengers to summon a ride, currently operates in about 150 U.S. cities.
Earlier this month, Lyft formed new partnerships with two Asian on-demand ride services, Ola and GrabTaxi to gain a toehold in the booming overseas markets.
Lyft, which announced an alliance with Didi Kuaidi, China's largest ride-hailing company, back in September, has formed a coalition that will allow passengers to use all platforms to hail a ride as they travel between the United States and Asia.
Activist investor Carl Icahn's Icahn Enterprises has a $100 million investment in Lyft Inc.
Lyft expects to reach $1 billion in gross annual revenue, the company's co-founder told Reuters in November.
Uber expects to raise as much as $2.1 billion in a financing round that would value the company at $62.5 billion, Bloomberg reported earlier this month.