The funding, provided by as-yet unnamed investors, boosted the GM, Alibaba, Rakuten and Didi Chuxing-backed company's valuation to $7.5bn.

Lyft, a US-based on-demand ride service backed by several corporates, has raised $500m from undisclosed investors at a post-money valuation of $7.5bn, the Financial Times reported yesterday.

The story cited three people familiar with the matter, who added that the round could potentially be increased by up to $100m before it closes.

Lyft operates a ride hailing platform that stretches across more than 300 US urban centres. It has not disclosed strategic plans for the new funds but has launched…