Exclusive: Okinawa secures $7 Mn from existing investor

Electric two-wheeler company Okinawa Autotech has secured Rs 60 crore (around $7 million) from existing investor Dhruv Khush Business Ventures.

This funding comes at a critical time for Okinawa Electric, as the company grapples with declining revenues and a sharp drop in market share.

The Okinawa’s board allotted 23,51,000 equity shares at an issue price of Rs 255.21 each per share to raise the aforementioned amount, according to its filing from the Registrar of Companies (RoC).

According to Entrackr’s estimates, the company is currently valued at Rs 325 crore (around $38 million) post-allotment.

Founded in 2015, Okinawa Autotech is an electric two-wheeler manufacturer that has launched eight models to date, including the PraisePro, iPraise+, Okhi-90, Ridge+, Lite, R30, and others.

As per Vahan data, Okinawa has sold only 1,266 electric scooters so far in 2025, capturing a mere 0.23% market share. 

In contrast, industry leaders TVS Motor and Bajaj Auto dominate the electric two-wheeler (E2W) segment with market shares of 24% (1,33,227 units) and 23.8% (1,32,168 units), respectively.

In the fiscal year ended March 2024, Okinawa’s revenue nosedived 87% to Rs 182 as compared to Rs 1,144 crore in FY23 while incurring a loss of Rs 52 crore during the same period.

Once a prominent player in the market, Okinawa's sales saw a steep decline from 95,931 units in FY23 to just 20,873 units in FY24. Its market share also fell sharply from 13.17% to 2.20% over the same period.

Okinawa has yet to disclose its FY25 financials. It competes with Ola Electric, which reported an operating revenue of Rs 4,514 crore in FY25, while another listed rival Ather Energy posted Rs 2,255 crore, marking a nearly 30% increase over the previous fiscal.