The ride-hailing company raised “close to” $1 billion in the new round of funding, sources tell The Journal.
The Journal reports that investors in the new round include Microsoft and Indian media company Bennett Coleman & Co.’s investment subsidiary.
And, as The Journal reports, Uber’s newfound $50 billion valuation means that Facebook is no longer the only company to have a valuation of that level before going public.
The new round could help Uber continue to expand in markets outside the US, including India, its second-largest market.
On Thursday, Uber announced it would be sinking $1 billion into its Indian markets to take on Ola, a rival car-hailing service in the country valued at $2 billion.
“We filed to authorize this new funding more than two months ago. The filing is available to the public,” an Uber spokesperson told Business Insider. “We aren’t commenting on additional speculation.”