Uber (UBER) competitorLyft (LYFT) is pitching investors on a new funding round and hopes to net at least $500 million, according to a source familiar with the matter.
The $500 million fundraising would value the ride-hailing service between $6 billion and $7 billion, the source said.
A Lyft spokeswoman declined to comment.
Lyft‘s fundraising efforts have been ongoing for months, and the company retained Qatalyst Partners in part to assist them in raising a fresh round of cash, according to other sources with knowledge of the matter.
Larger ride-hailing competitors, Uber and Didi, have raised so much money that Lyft‘s options of finding new investors who can write big checks are quite limited.
For more on Lyft, watch Fortune’s video:
Uber is valued at about $70 billion and Didi’s valuation is about $35 billion after its merger withUber‘s China operations in August.
