The electric vehicle manufacturer Okinawa Autotech Datalabs_in-article-icon aims to secure INR 60 Cr (approximately $7 Mn) from its current investor, Dhruv Khush Business Ventures.

Okinawa, established in 2015 by Jeetender Sharma and Rupali Sharma, produces electric two-wheelers, including the RIDGE+, PRAISE PRO, IPRAISE+, OKHI-90, R30, and LITE models.  The startup asserts that it has a retail footprint network comprising over 350 dealers throughout India.

The EV startup’s board, as indicated in its MCA filings, passed a resolution on June 17 to privately place 23.51 lakh shares at an issue price of INR 255.21 each.

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The new funds will be used by Okinawa to cover working capital needs and to pay off its debt.

“To fulfill the company’s funding needs for working capital and debt repayment, it is proposed to issue and allot up to 2,351,000 equity shares with a face value of INR 10 each at a price of INR 255.21 per share…, totaling up to INR 600,000,000, to identified investors through a private placement,” the filing stated.

Okinawa has been trailing behind in India’s electric two-wheeler market, competing against established giants like TVS Motor and Bajaj Auto, as well as listed new-age tech firms such as Ola Electric and Ather Energy.  As of 2025, the company has sold only 1,266 electric scooters, resulting in a market share of just 0.23%.

The government’s scrutiny of the EV maker has resulted in lacklustre sales.  In 2023, the Centre scrutinised Okinawa and 13 other manufacturers of two-wheeler electric vehicles for purportedly violating localisation standards set by the FAME-II scheme.

The first two OEMs whose incentives under the scheme were suspended were Hero Electric and Okinawa.

Domestic EV manufacturers could offer vehicle cost reductions of up to 40% under the FAME-II scheme, with the government reimbursing these discounts as a subsidy.  Nonetheless, in order to be eligible for the subsidy, manufacturers had to guarantee that a minimum of 50% of their products included components made locally.

Last August, the Delhi High Court (HC) rejected the startup’s request to prevent the Centre from recovering subsidies of INR 116.8 Cr that had been provided to it under the FAME-II scheme.

The first two OEMs whose incentives under the scheme were suspended were Hero Electric and Okinawa.

Domestic EV manufacturers could offer vehicle cost reductions of up to 40% under the FAME-II scheme, with the government reimbursing these discounts as a subsidy.  Nonetheless, in order to be eligible for the subsidy, manufacturers had to guarantee that a minimum of 50% of their products included components made locally.

Last August, the Delhi High Court (HC) rejected the startup’s request to prevent the Centre from recovering subsidies of INR 116.8 Cr that had been provided to it under the FAME-II scheme.

The corporate affairs ministry announced that in December, the Serious Fraud Investigation Office (SFIO) carried out search operations at locations associated with Okinawa, Hero Electric, and Benling India.  The SFIO stated that these firms misrepresented adherence to the heavy industries ministry’s (MHI’s) guidelines in order to obtain subsidies.

In the wake of the fallout, Okinawa, which had committed significant resources to establish a second unit in Rajasthan’s Karoli, was sporadically producing EVs to meet some pending orders and avert legal disputes with their dealers.