Ahead of the IPO launch, Ola Electric has raised more than $200 million from Falcon Edge, Softbank Group and others at a valuation of $3 billion.

With the new funds, Ola Electric will develop vehicle platforms including electric motorbikes, mass-market scooter and its electric car, the Indian ride-hailing company said in a statement.

Earlier it was reported that Ola is planning to raise to $1 billion through an initial public offering.

Ola provides electric scooters and three-wheelers ride manufactured by others on its platform. It has also established battery-swapping stations across several cities in India.

According to the company that it has sold electric scooters valuing over Rs 1,100 crore in just two days in September. The S1 Pro has priced at Rs 1.3 lakh whereas the Ola S1 electric scooter costs Rs 1 lakh.

“Today’s announcement will further strengthen Ola’s “Mission Electric”- which urges the industry and consumers to commit to electric and ensure that no petrol two-wheelers should be sold in India after 2025,” the company said in the statement.

According to a Reuters report, at present India sells 23 million scooters, motorcycles and cars in a year, and electric vehicles make up only a fraction of that.

Ola was founded in 2010 by Bhavish Aggarwal and holds a majority share of the ride-hailing market in India.

“We are proud to lead EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world,” the Ola founder and CEO said in the statement.

In 2019, the startup had raised funds worth $250 million from SoftBank in a Series B funding increasing the value of the startup by over $1 billion. The startup has plans to open the next purchase festival on November 1, during the festival of Diwali.