Uber is in talks to lead a $170 million financing in scooter rental firm Lime, whose business has dropped sharply amid the coronavirus pandemic, executives at the startup told investors last week. The potential deal would value Lime on paper at $510 million, after the proposed cash infusion, a 79% drop from its previous valuation.

Uber already owns a minority stake in Lime, but the deal would significantly increase its share. As part of the proposed deal, Uber would transfer to Lime the bike and scooter business that the ride-hailing company purchased in 2018, called Jump. Uber would get the option to buy Lime between 2022 and 2024 at a specific price, and in the meantime Uber would feature Lime scooters more prominently in the Uber app.