Electric bike maker Okinawa raises $7-M from Dhruv Khush Business Ventures

Gurugram-based electric bike manufacturer Okinawa Autotech has raised INR 60 crore (USD 7 million) from existing investor Dhruv Khush Business Ventures through the issue of 23,51,000 equity shares at INR 255.21 per share.Founded in 2015 by Jeetender Sharma and Rupali Sharma, Okinawa Autotech competes with EV-makers like Ola Electric and Bajaj Auto. The company, which was initially eligible for the Indian government’s Electric Mobility Promotion Scheme (EMPS) and the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, was later found to be importing parts and not sourcing locally, which were the requirements for OEMs to continue to receive these subsidies.