Lyft raising another $500M to take on Uber

US ride-hailing company Lyft is seeking to raise an additional $500 million, over and above the $1 billion it raised recently from Alphabet venture arm CaptialG, according to a US share authorization document filed in Delaware, reports Axios.

The $500 million is an extension of that round and is not yet closed. Lyft's previous round of funding in October boosted its valuation to $11 billion from $7.5 billion. The fresh funding would raise its valuation to $11.5 billion.

Confirming the additional funding, a company spokesman told the website: "Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers."

The funding comes at a crucial time when the ride-hailing company is all geared up to expand into its first international market. The company recently announced that starting December onwards it will begin operations in Toronto.

While its arch-rival, Uber finds itself mired in multiple controversies, Lyft is going all guns blazing on growth this year, moving to cover 95 percent of the US population with over 100 new market additions during 2017.