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Here’s Lyft’s Next $500 Million Move

Lyft AmpLyft Amp
A Lyft driver with an Amp on his dashboard on Jan. 31, 2017 in San Francisco, California. Kelly Sullivan—Getty Images

Uber (UBER) competitor Lyft (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.

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Uber is valued at about $70 billion and Didi’s valuation is about $35 billion after its merger withUber‘s China operations in August.