Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24

Okinawa Autotech, once a prominent player in India’s electric two-wheeler space, saw its revenue plunge by nearly 84% in FY24, posting a loss of Rs 50 crore, which signaled a major setback for the homegrown EV brand.

Okinawa’s revenue from operations decreased to Rs 182 crore in FY24 from Rs 1,144 crore in FY23, its regulatory filing accessed from the Registrar of Companies (RoC) shows.

Founded in 2015, Okinawa Autotech is an electric two-wheeler manufacturer known for models like the PraisePro, iPraise+, Okhi-90, Ridge+, Lite, and R3. The sale of electric two-wheelers was the sole source of revenue for the Gurugram-based firm.

Okinawa's sales declined significantly from 95,931 units in FY23 to 20,873 units in FY24. The company's market share also dropped from 13.17% to 2.20% during the same period. In the current fiscal year (FY25), it has managed to sell only 3,548 units, translating to a market share of just 0.31%.

For the electric vehicle manufacturer, the cost of procurement accounted for 68% of the overall expenditure. To the tune of scale, this cost was reduced by 80% to Rs 171 crore in FY24 and Rs 859 crore in FY23. Its employee benefits shrank by 16% to Rs 26 crore in FY24. Okinawa’s advertising cost diminished by 88% to Rs 4 crore in FY24. Its rent, warranty claims, freight, rent, and other overheads took the overall cost to Rs 251 crore in FY24 from Rs 991 crore in FY23.

The sharp contraction in scale led Okinawa to report a Rs 52 crore loss in FY24. For context, the company posted Rs 166 crore of EBITDA in FY23. Its ROCE and EBITDA margins worsened to -102% and -25.8% respectively. On a unit level, it spent Rs 1.38 to earn a rupee in FY24. By the close of FY24, Okinawa’s total current assets were valued at Rs 276 crore.

Okinawa competes with Ola Electric, which reported Rs 1,045 crore in revenue for Q3 FY25, and Ather, which filed its DRHP to raise Rs 3,100 crore through an initial public offering (IPO). In the traditional two-wheeler market, it faces competition from established players like Bajaj, Hero, and TVS Electric.

Okinawa’s decline is the result of several challenges, including fire safety issues, stricter regulations, a loss of consumer trust, and growing competition from better-equipped rivals. Once seen as a leader in the EV space, the company now faces the tough realities of a maturing market, where success depends on innovation, compliance, and consistency.