Lyft raised the money at a valuation of $6.9 billion, according to the report. In a follow-up, The Wall Street Journal reported Lyft's post-money valuation is now around $7.5 billion, and its share price increased 20% in the round.
One thing is clear: Lyft's $500 million raise comes at a time when its closest competitor, Uber, is reeling from scandals. Uber has come under fire following allegations of sexual harassment in the workplace. The company is also being sued by Waymo, Alphabet's self-driving-car company, over claims it stole lidar technology.
The latest funding round doesn't necessarily come as a surprise: reports that the ride-hailing service was pitching a new funding round to put it at a $6 billion or $7 billion valuation began surfacing in early March.
A Lyft spokesperson declined to comment on the reports to Business Insider.
This post originally appeared on Business Insider.