Uber Inc., which builds the ride-sharing app of the same name that has taxi firms the world over running scared, could soon be worth $50 billion if rumors of a new $2 billion funding round hold true.

Uber apparently told investors of its plan to raise between $1.5 billion and $2 billion last Friday, The Wall Street Journal reported. If true, the San Francisco-based company could potentially become the most valuable venture-backed startup Silicon Valley has ever seen.

It wasn’t long ago that Uber announced its last major funding round. Back in December, the startup closed on Series E round worth $1.2 billion, before adding another $2.8 billion in a private equity funding last February, taking its valuation to a whopping $41.2 billion.

Previously, Uber had been valued at ‘just’ $17 billion, but even that made it worth more than the two biggest names in the U.S. car rental market – Avis Rent a Car System, LLC and Hertz Corp. – combined.

Uber’s astronomical valuation is primarily driven by its equally astonishing growth. Since starting out in 2009, Uber has grown its tentacles into more than 300 cities around the world, and it’s doing a lot more than just shuffling passengers around. The company has extended into food deliveries and courier services, among other things, and its potential is such that venture capitalists just cannot say no to funneling more money into it.

With a fresh couple of billion stuffed into its pockets, Uber will likely step up its global expansion plans and upset taxi drivers in more of the world’s cities. However, the company may also dip into its pockets and help to pay fines incurred by some of its drivers for contravening local transport laws, the WSJ said.

Additionally, the company may want to use the cash to fund a rumored $3 billion bid to acquire Nokia’s HERE mapping service.

The new round may add further fuel to speculation the company is looking to go public, with reports of an IPO first appearing last March.

Image credit: Uber Inc.