Moneycontrol PRO
UPCOMING EVENT:Attend Traders Carnival Live. 3 days 12 sessions at Rs.1599/-, exclusive for Moneycontrol Pro subscribers. Register now!
you are here: HomeNewsBusiness

Okinawa in talks with PEs for Rs 500-crore fundraising

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.

October 14, 2021 / 08:20 PM IST

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
PTI
first published: Oct 14, 2021 08:20 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark