MUMBAI: Spotify, the music streaming giant, could well be the latest startup to join the $4 billion valuation club.

The company has reportedly secured $250 million in new financing, valuing it at more than $4 billion, according to The Wall Street Journal. Spotify previously raised $100 million almost exactly a year ago at a $3 billion valuation.

An earlier report had suggested that Spotify was looking to raise a new round of funding at a more than $5 billion valuation, but clearly that was too bullish.

While Spotify's popularity and revenue has grown in recent years, it continues to lose money. Spotify reportedly doubled its revenues year-over-year in 2012 to nearly $600 million, but its net loss increased to $77 million. The extra funds may provide Spotify with more space to continue its rapid expansion even as it continues to bleed money.

The $4 billion valuation mark seems to be the benchmark for tech startups right now. Pinterest was recently valued at just shy of $4 billion, Snapchat has reportedly turned down acquisition offers of up to $4 billion and Uber is closing in on that milestone as well.