15 hours ago
Okinawa Autotech Secures INR 60 Cr from Existing Investor
Founded in 2015, Okinawa Autotech is an electric two-wheeler manufacturer with eight models, including PraisePro, iPraise+, Okhi-90, Ridge+, Lite, and R30, promoting sustainable mobility in India.
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Electric two-wheeler manufacturer Okinawa Autotech has raised INR 60 crore (approximately USD 7 million) from its existing investor, Dhruv Khush Business Ventures.
The investment comes at a crucial time as the company grapples with a sharp decline in revenue and market share.
According to a filing with the Registrar of Companies (RoC), Okinawa issued 23,51,000 equity shares at INR 255.21 per share.
Founded in 2015 by Jeetender Sharma and Rupali Sharma, Okinawa Autotech was an early beneficiary of schemes like FAME and EMPS. However, it later faced scrutiny for importing parts instead of sourcing them locally, violating scheme guidelines. The Ministry of Heavy Industries has ordered the company to repay INR 116.84 crore disbursed under these schemes.
Due to funding constraints, Okinawa told the court it was unable to maintain production. In FY24, the company's revenue dropped to INR 182.2 crore from INR 1,143.8 crore in FY23. However, losses narrowed to INR 52.1 crore in FY24 from INR 81.7 crore the previous year.
Despite its current struggles, Okinawa competes with leading EV brands like Ola Electric and Ather Energy, which reported revenues of INR 4,514 crore and INR 2,255 crore respectively in FY25.
