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SAN FRANCISCO, CA - FEBRUARY 05: Winner Travis Kalanick of Uber collects the award for Best Overall Startup of 2014 at the TechCrunch 8th Annual Crunchies Awards at the Davies Symphony Hall on February 5, 2015 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch)
The ride-hailing company raised "close to" $1 billion in the new round of funding, sources tell the Journal.
The Journal reports that investors in the new round include Microsoft and Indian media company Bennett Coleman & Co.'s investment subsidy.
And, as The Journal reports, Uber's newfound $50 billion valuation means that Facebook is no longer the only company to have a valuation of that level before going public.
The new round could help Uber continue to expand in markets outside the US including India, its second-largest market.
On Thursday, Uber announced it would be sinking $1 billion into its Indian markets to take on Ola, a rival car-hailing service in the country valued at $2 billion.
We've reached out to Uber for comment on this story and will udpate this post when we hear back.