Gurugram-based electric two-wheeler manufacturer Okinawa Autotech has raised Rs 60 crore (~$7 million) in funding from its existing investor Dhruv Khush Business Ventures, according to recent filings with the Registrar of Companies (RoC).
The board approved the allotment of 23.51 lakh equity shares at an issue price of Rs 255.21 per share, valuing the company at Rs 325 crore (~$38 million) post-money.
🚨 A Lifeline Amid Decline
The fundraise comes at a critical juncture for Okinawa, which has seen a sharp fall in revenues, sales volume, and market share over the past two fiscal years:
| Metric | FY23 | FY24 | % Change |
|---|---|---|---|
| Revenue | Rs 1,144 crore | Rs 182 crore | 🔻 -87% |
| Units Sold | 95,931 units | 20,873 units | 🔻 -78% |
| Market Share (FY end) | 13.17% | 2.20% | 🔻 -11% |
| Net Loss | — | Rs 52 crore | 📉 Loss-making |
In 2025 so far, Okinawa has sold just 1,266 units, holding a meagre 0.23% market share, according to Vahan portal data.
🛵 Once a Leader, Now Lagging
Launched in 2015, Okinawa was once among the top e-scooter brands in India with models like:
- PraisePro
- iPraise+
- Okhi-90
- Ridge+
- Lite
- R30
However, the brand has now lost significant ground to giants like:
- TVS Motor – 1,33,227 units sold (24% market share)
- Bajaj Auto – 1,32,168 units sold (23.8% market share)
- Ola Electric – Rs 4,514 crore in FY25 revenue
- Ather Energy – Rs 2,255 crore in FY25 revenue (🔼 30% YoY)
🧭 What’s Next for Okinawa?
While the company hasn’t disclosed its FY25 financials yet, the fresh capital will likely be used for:
- 🔧 Product development
- 📣 Reviving marketing and dealer engagement
- 📦 Strengthening supply chain
- 🔌 Adapting to EV policy shifts and FAME-II compliance
However, industry experts believe that Okinawa will need more than funding — such as product innovation, improved service infrastructure, and customer trust rebuilding — to regain its footing in India’s competitive electric mobility space.
💬 Final Word
Once a market disruptor, Okinawa Autotech now faces a steep uphill climb. With strong legacy players and fast-growing startups dominating the EV battlefield, the next few quarters will determine whether this fresh round can help revive Okinawa’s spark — or mark its final charge.
