Uber may be on the road to an 11-digit valuation.

The ride-hailing startup is in talks to raise a new round of funding at a $10 billion valuation, according to a Bloomberg report Thursday. The amount the startup is looking to raise is said to be less than $1 billion.

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Reps for the company did not immediately respond to our request for comment.

If the report is accurate, it would represents a sharp increase in the company's valuation in just more than six months. Uber raised $258 million round of funding last summer, which reportedly valued the company at $3.5 billion.

Uber was founded in 2009 and has since launched in more than 100 cities around the world. More recently, the company has tried to broaden its offerings by testing a bike courier service in New York, opening up the possibility of breaking into the delivery market.

The additional funds could help Uber as it continues to expand into new areas and fights lawsuits in new markets. It also would ensure Uber remains competitive against Lyft, a rival service which has raised a comparable amount of funding to date.

Some have floated the possibility that Uber is a primer contender to go public, but the company's CEO Travis Kalanick has repeatedly said he sees no reason to have an IPO in the near future.