Planning to acquire tech companies with the funds.
Uber is looking to raise to between $1.5bn and $2bn in a new round of funding which could shoot up its valuation to $50bn.
The scale of funding could put taxi firm into the Facebook league which to date was the only tech company to achieve a $50bn valuation before its IPO.
The Wall Street Journal cited sources familiar with the matter as saying that the company revealed its plans to investors and it is in early stage of discussion are subject to changes.
In May last year, Uber started discussion with investors for $10bn valuation but sealed the deal for $18bn, and similarly in December it started off with $30bn valuation but ended up closing for $41bn.
The ride-hailing service provider has used the funding to expand its presence globally, and according to reports with the latest round of funding, the company is likely to enhance the quality of its services with acquisitions of services like HERE, which is Nokia’s maps business.
Uber has been investing in technology as it entered into a partnership with Carnegie Mellon University to build robotic cars along with a new mapping software, and it also bought 40% stake in mapping start-up deCarta.