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As ride-hailing service becomes populararound the world, Silicon Valley start-ups in this industry, such as Uber andLyft are getting more funding. According to a report of Financial Times, the totalfundraising of these two companies has sky-rocketed to $3.1bn.

As part of its fundraising, Uber has landeda new partnership with Guangzhou Automobile Group, as the ride-hailing companycontinues an aggressive push into China. Under the deal, Uber will have a new andmuch needed partner in China. Guangzhou Auto will invest an undisclosed amountin Uber China, while Uber will promote Guangzhou Auto’s cars to its drivers andwork with the company for car sales and financing.

Uber China, a subsidiary controlled byUber, also has a partnership with Baidu, which led Uber China’s fundraisingthis year.

Lyft is raising $1bn at a valuation of$4.5bn, which is more than double its valuation in May, according to filings.Meanwhile, Uber is raising $2.1bn at a valuation of $62.5bn, one of the highestvaluations for a Silicon Valley start-up.

The blockbuster fundraisings by Uber andLyft come at a time when the US-based rivals are spending heavily to break intonew markets and gain market share.

For Uber, a priority over the past year hasbeen growth in India and China, one of the company’s biggest markets. Lyft has focused on gaining market share inthe US and investing in recruiting new users and drivers in cities such as NewYork and San Francisco.

In recent months, Uber’s competitors have formed an alliance including Lyft in the US, Didi Kuaidi in China, Ola in Indiaand GrabTaxi in Southeast Asia, banding together to link their apps and sharestrategy.