SoftBank Group-Backed Ola Electric Raises Over $200 Million: Report

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 on Thursday. 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.