Uber has closed a new round of funding that values the company at $50 billion, the Wall Street Journal's Doug MacMillan and Telis Demos report.

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 subsidy.

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've reached out to Uber for comment on this story and will udpate this post when we hear back.

This story first appeared on Business Insider