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EV Maker Okinawa To Raise INR 60 Cr From Existing Backer
- EV maker Okinawa Autotech plans to raise INR 60 Cr from existing investor Dhruv Khush Business Ventures by issuing 23.51 Lakh shares at INR 255.21 each.
- The funds will be used for working capital requirements and debt repayment as per the company's MCA filings.
- Okinawa, founded in 2015, manufactures electric two-wheelers and has models like RIDGE+, PRAISE PRO, and IPRAISE+.
- The company has a network of over 350 dealers across India.
- Okinawa has faced challenges in India's electric two-wheeler market, selling 1,266 scooters in 2025.
- The company was scrutinized by the government for allegedly flouting localisation norms under the FAME-II scheme in 2023.
- Okinawa and Hero Electric were the first two OEMs whose incentives were suspended under the scheme.
- In August, the Delhi High Court dismissed Okinawa's plea to restrain the Centre from recovering subsidies worth INR 116.8 Cr disbursed under the FAME-II scheme.
- The Serious Fraud Investigation Office conducted search operations at premises linked to Okinawa in December.
- Okinawa set up a second unit in Rajasthan's Karoli and intermittently manufactured EVs to fulfil orders amid legal conflicts.
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