A unit of SoftBank Group-backed Indian ride-hailing company Ola has raised more than $200 million, led by venture capital firm Falcon Edge, at a valuation of $3 billion, the company said in a statement.

The company’s Ola Electric unit aims to develop motorbikes, scooters and cars with the new funds, the company said.

The latest funding comes amid reports of Ola’s plans to raise up to $1 billion through an initial public offering.

Ola already offers rides on electric scooters and three-wheeled vehicles made by other manufacturers on its platform and has set up battery-swapping stations across several cities in India.

Electric vehicles currently make up a fraction of the 23 million cars, scooters and motorcycles sold in India in a year, hampered by higher costs and inadequate charging infrastructure.

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

Bhavish Aggarwal, chairman and Group CEO, Ola, said, “We’re proud to lead the 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. I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future.”

The company has earlier raised funding from investors, including Tiger Global and Matrix India.