Lyft Is Raising Another Huge Pile of Money for Its Battle With Uber

Uber rival Lyft is raising an additional $ 500 million in funding, according to a U.S. share authorization document filed in Delaware news website Axios said.

The additional funding round, led by Alphabet Inc’s CapitalG, is an extension of the $ 1 billion round announced in October.

Lyft spokesman Adrian Durbin, confirming the funding round, in an e-mailed statement said, “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”

Read: Lyft Could Have One-Third of the U.S. Rideshare Market by Christmas

In October Lyft had said that the previous round of funding boosted its valuation to $ 11 billion from $ 7.5 billion. The fresh funding would raise its valuation to $ 11.5 billion.