Electric scooter maker Okinawa Autotech, which has been bootstrapped so far since its founding in 2015, is in active discussions with a few large private equity funds to raise up to Rs 500 crore for a minority stake to fund its aggressive growth on the back rising demand, according to the company's founder Jeetender Sharma.
The Gurugram-based Okinawa, named after the eponymous Japanese city known for its high life expectancy of over 100, has a portfolio of six electric scooters priced at Rs 50,000-1.14 lakh. Its slow-speed models are Okinawa R30, Lite, and Dual and the high-speed ones are the Ridge+, PraisePro, and iPraise+.
Bootstrapped by Jeetender Sharma, who is the managing director of Okinawa, has sold over 1 lakh e-scooters since the launch in 2015. It has a plant with an installed capacity of over one lakh units at Bhiwandi in Rajasthan and is setting up a 0.5 million unit plant at Alwar in the state.
"I am in serious discussions with three-four American and European private equity players. I am looking at raising between Rs 400 and Rs 500 crore from one or two of them for a minority stake," Sharma told