Uber Technologies Inc. is set to become one of highest valued tech startups in the world.

Bloomberg reported that Uber, a San Francisco-based company that provides a mobile car booking service, is now in talks to raise its financing. The move would place the company's value at above $10 billion, nearly tripling its previous value of $3.5 billion last year, when it raised $258 million.

This information comes from an unidentified source, who also claimed that Uber may raise less than $1 billion with private equity investors, though the size and value may be subject to change.

If Uber is able to raise its funding it would catapult their value and put them on the level of fellow tech startups Airbnb and Dropbox. They would also exceed the valuations of successful tech companies and retailers, such as Red Hat and Best Buy.

Uber first began in 2009 when founders Travis Kalanick and Garrett Camp couldn't catch a cab during a trip to Paris. They were inspired to create an application where users can signal for a car from any location.

Uber achieved massive success, raising $307.5 million from investors, such as Benchmark and Google Ventures. Its service is available internationally in 115 cities, and it has 900 employees. It also has made deals with Paypal and the NFL and has done several celebrity tie-ins to promote its brand.

"Our vision is to build a technology company that changes transportation and logistics in urban centers around the world, and this financing gives us the fuel to make that a reality," Uber CEO Kalanick said in a blog post.

Despite their achievements, Uber has encountered obstacles on the way. The Los Angeles Department of Transportation issued the service a cease-and-desist letter but was eventually overturned. Taxi drivers in London are planning a 10,000 cab protest, and other cities are considering following suit. Uber also faces competition from similar services, such as Lyft, which offers lower rates.