Okinawa Autotech is gearing up to secure ₹60 crore in fresh funding from its existing backer, Dhruv Khush Business Ventures. This lifeline comes via a private placement of 23.51 lakh shares, priced at ₹255.21 apiece. The money isn’t meant for moonshots or new tech gambles—it’s to keep the wheels turning, literally: working capital and debt repayment. That’s where Okinawa finds itself today—trying to stay afloat in an EV market that’s as unforgiving as it is booming.
Founded in 2015 by Jeetender and Rupali Sharma, Okinawa once rode the early wave of India’s electric vehicle euphoria. Fast forward to 2025, and its market share has shriveled to a measly 0.23%, with just 1,266 units sold this year. That’s not just a slump—it’s a nosedive. And much of it traces back to the government’s crackdown on FAME-II subsidy violations, which landed Okinawa in hot water. Now they owe ₹116 crore in clawbacks.
Still, the company refuses to throw in the towel. It’s going head-to-head with EV powerhouses like Ola Electric and Ather Energy—companies with deeper pockets and arguably cleaner slates. Okinawa continues to sell models like RIDGE+, PRAISE PRO, and OKHI-90 through its network of 350+ dealers. This latest fundraise might just buy it enough runway to regroup and push back in a cutthroat market.
1. Introduction to Okinawa Autotech and Its Funding Move
1.1 Overview of Okinawa Autotech
Okinawa Autotech which is founded by husband-wife duo Jeetender and Rupali Sharma in 2015, started off with a clear mission: to democratize electric mobility for India’s chaotic cityscapes. The idea was simple—build accessible, efficient, and eco-conscious scooters. The execution? Well, let’s say it’s been a bumpy road. With a fleet that includes the RIDGE+, PRAISE PRO, IPRAISE+, OKHI-90, R30, and LITE, Okinawa casts a wide net. But lately, it hasn’t been catching much.
1.2 Recent Funding Announcement
On June 17, Okinawa’s board approved a plan to issue 23.51 lakh shares at ₹255.21 each through private placement. That adds up to ₹60 crore—coming from Dhruv Khush Business Ventures, a long-time investor willing to double down. The timing isn’t random. With financial pressures stacking up, the funds will go directly toward keeping the business functional—covering operating costs and paying down what it owes.
2. Okinawa’s Business Model and Revenue Streams
2.1 Working Model and Product Offerings
At its core, Okinawa’s business is about building and selling electric two-wheelers for the Indian consumer. They’re not chasing luxury segments or flashy tech. Their sweet spot lies in practical, affordable, daily-use scooters. With over 350 dealer outlets across India, Okinawa has tried to embed itself in both urban centers and tier-two towns. Whether the strategy is enough to offset its recent struggles remains an open question.
2.2 Revenue Model
Most of Okinawa’s money comes from unit sales. Scooters roll off the factory floor and out through its dealer network to customers. Add-on revenues come from spare parts and servicing. However, a chunk of its growth used to rely on government subsidies—specifically under the FAME-II scheme. That support is now frozen. And with compliance issues unresolved, Okinawa’s income stream is more precarious than ever.
3. Founders and Company Background
3.1 Founders’ Profile
Jeetender Sharma isn’t your typical startup mogul. Alongside his partner Rupali Sharma, he set out to challenge the petrol-dominated two-wheeler space long before it was trendy. The duo bet early on clean mobility, hoping to shape how India rides. For a while, they were on the right track. But scaling a manufacturing-intensive business in India’s regulatory minefield is no small feat.
3.2 Company History and Milestones
Okinawa was one of the early poster children for India’s electric push. It capitalized on the FAME scheme, expanded aggressively, and even built a second plant in Rajasthan. But success turned fragile. Once accusations of violating subsidy norms surfaced, things began to spiral. What was once a story of fast growth became one of scrutiny and stalled momentum.
4. Challenges and Industry Dynamics
4.1 Government Scrutiny and Legal Issues
Okinawa didn’t just bend the rules—it allegedly broke them. The company, along with others, came under the scanner in 2023 for sidestepping localisation mandates under FAME-II. The charge? Using imported parts while pocketing government subsidies meant for domestically-sourced vehicles. The consequences were swift and severe: subsidy suspension, repayment demands of ₹116.8 crore, and legal battles. A plea to stop the recovery? Rejected by the Delhi High Court. Raids by SFIO? Check. This isn’t just a compliance issue—it’s a credibility crisis.
4.2 Financial Performance and Market Share
Let’s not sugarcoat it—Okinawa’s numbers are grim. From ₹1,143.8 crore in FY23 to ₹182.2 crore in FY24, its revenue graph looks more like a free fall than a correction. Losses did shrink (₹81.7 crore down to ₹52.1 crore), but that’s cold comfort when your market share is virtually non-existent. In 2025, just 1,266 scooters were sold. That’s not market participation; that’s barely a whisper.
4.3 Industry Competition and Growth Trends
While Okinawa faltered, the EV space exploded. Ola Electric raked in ₹4,514 crore. Ather? ₹2,255 crore. It’s not just about scooters anymore—it’s about ecosystems, software, customer experience, and scale. And players like TVS and Bajaj aren’t just dabbling—they’re dominating. Okinawa needs more than funding. It needs reinvention.
5. Okinawa’s Strategic Response and Funding Use
5.1 Purpose of Raising ₹60 Crore
There’s nothing glamorous about Okinawa’s ₹60 crore raise. It’s not seed money for bold experiments. It’s a tourniquet—to keep operations running, to service debt, to stay relevant. In startup terms, it’s survival capital.
5.2 Investor Confidence and Future Prospects
That Dhruv Khush Business Ventures is still in Okinawa’s corner is telling. Whether it’s loyalty, long-term belief, or sunk cost psychology, the backing gives Okinawa one more shot. But investor sentiment is a fickle beast. If Okinawa doesn’t clean up its act—literally and figuratively—it might be the last check they get.
6. Industry Implications and Broader Context
6.1 Impact on the Indian EV Ecosystem
Okinawa’s mess isn’t isolated. It exposes just how tangled the web of policy, compliance, and innovation has become in India’s EV story. FAME-II was supposed to be a launchpad. For some, it’s turning into quicksand. There’s a lesson here: subsidies are a privilege, not a guarantee.
6.2 Trends in Startup Funding and Tech Innovation
Investors are no longer content with big ideas and flashy decks. In the EV sector, they want evidence—of compliance, of traction, of grit. Okinawa’s funding saga mirrors a broader shift in Indian startup funding: discipline over dreams, governance over growth-at-all-costs.
7. The Startup’s Journey and Background Story
7.1 Early Days and Growth
Okinawa wasn’t always in crisis mode. In its early years, it moved fast, gained visibility, and stood shoulder-to-shoulder with the country’s EV frontrunners. It expanded smartly, built up retail channels, and rode the subsidy wave with confidence.
7.2 Setbacks and Regulatory Scrutiny
But then came the cold splash of government oversight. Allegations, audits, court setbacks—it’s been a relentless unraveling. What began as a scaling hiccup became an existential threat. The brand’s reputation took a hit. So did customer and dealer confidence.
7.3 Current Status and Future Outlook
Raising ₹60 crore now is not a growth play—it’s Okinawa trying to keep its head above water. The road ahead demands more than money: it needs clarity, compliance, and a commitment to doing things differently. Whether Okinawa can reclaim lost ground remains to be seen. But for now, it’s still in the race.
8. Learning for Startups and Entrepreneurs
- Compliance is Crucial: Government money comes with strings. Cut them, and the noose tightens.
- Diversify Funding Sources: Don’t lean too hard on one investor or subsidy scheme. That’s a house of cards.
- Transparent Operations Build Trust: Investors don’t just back products—they back integrity.
- Adaptability in Crisis: Pivoting isn’t just about markets. Sometimes it’s about surviving storms.
- Focus on Innovation and Localization: Cheap imports may cut corners, but long-term value lives in local ecosystems.
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