Okinawa Autotech Secures Funding Amid Market Challenges
Okinawa Electric, a company in the electric two-wheeler sector, has successfully raised Rs 60 crore (approximately $7 million) from its current investor, Dhruv Khush Business Ventures. This investment arrives at a crucial juncture for Okinawa Autotech, as the business faces declining revenues and a significant decrease in market share.
The board of Okinawa has issued 23,51,000 equity shares at an issue price of Rs 255.21 per share to obtain the aforementioned funding, as per a filing with the Registrar of Companies (RoC). Based on estimates from Startup Superb, the valuation of the company now stands at Rs 325 crore (around $38 million) post-allotment.
About Okinawa Autotech
Established in 2015, Okinawa Autotech is dedicated to manufacturing electric two-wheelers and has introduced eight models so far, including PraisePro, iPraise+, Okhi-90, Ridge+, Lite, R30, and more.
Current Market Position
According to Vahan data, Okinawa has sold only 1,266 electric scooters in 2025, which equates to a mere 0.23% of the market share. In contrast, leading competitors such as TVS Motor and Bajaj Auto dominate the electric two-wheeler (E2W) market with shares of 24% (1,33,227 units sold) and 23.8% (1,32,168 units), respectively.
Financial Recap
For the fiscal year ending March 2024, Okinawa witnessed an alarming 87% drop in revenue, totalling Rs 182 crore compared to Rs 1,144 crore in FY23. The company also reported a loss of Rs 52 crore during the same timeframe. Once a dominant force in the market, Okinawa experienced a drastic decline in sales from 95,931 units in FY23 to just 20,873 units in FY24, with market share diminishing from 13.17% to 2.20% in that period.
Okinawa has yet to announce its financial results for FY25. In the competitive landscape, it faces challenges from Ola Electric, which posted an operating revenue of Rs 4,514 crore in FY25, and Ather Energy, which achieved Rs 2,255 crore, marking an almost 30% increase from the prior fiscal year.