Okinawa aims three-fold sales growth this fiscal year

The electric vehicle start-up clocks revenues of Rs 155 crore in FY21 and aims to increase it by 300% in FY22.

By:May 15, 2021 8:55 AM

Okinawa Autotech, the electric vehicle (EV) company, has clocked revenue of Rs 155 crore in FY21 and aims to increase it by 300% in FY22. This, the company said, will be done on the back of a strong product innovation ecosystem, geographical expansion, and the rising adoption of electric mobility in the country.

In FY21, Okinawa Autotech sold 30,930 vehicles, and is targeting a three-fold increase in sales in the current financial year; in FY21, the PraisePro was its highest selling electric scooter. “We also launched the Dual—which is India’s first customisable B2B electric two-wheeler—to propel ‘services on wheels’ last year,” said Jeetender Sharma, MD & founder, Okinawa Autotech.

The company has established a 340-odd dealership network across the country (in about 240 cities and towns), including in the hinterland. “As we moved into tier-2 and tier-3 cities, and even rural areas, we realised that the demand for electric two-wheelers is strong even in those areas,” Sharma added. “We have even reached the deepest parts of Northeast India, including Manipur and Nagaland.”

In order to make electric mobility more accessible and affordable for end-consumers, Okinawa Autotech has forged partnerships with financial institutions and e-commerce companies such as Edelweiss, CredR, ZestMoney, Welectric and BeepKart. “Many of our two-wheelers are being deployed as last-mile delivery vehicles by B2B logistics companies,” said Sharma. “We will invest Rs 150 crore during the current financial year to grow our product portfolio and on-ground footprint.”

As far as B2C sales are concerned, which form a much larger chunk for the company, he added that customers look at design, range, power and affordability as the key purchasing criteria, as well as their perception around the electric two-wheeler being value for money (and especially loading capacity for commercial users). “We have been trying to match up to, and even exceed, customer expectations in all these areas,” Sharma said. “That’s the reason we are hopeful on meeting our ambitious sales target (three times growth) this year.”

The government has approved Rs 18,100 crore towards the Production Linked Incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage. This step, Sharma added, will accelerate EV adoption in India and increase localisation content in battery cells. “It’s a great initiative, and will attract big corporates into this business.”

Established in 2015, Okinawa Autotech was the first Indian company to get subsidy from the government under Phase-II of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme. It currently offers six models in both ‘high-speed’ and ‘slow-speed’ categories. These include I-Praise+, PraisePro and Ridge+ (high-speed), and Lite, R30 and Dual (slow-speed).

The pandemic year was tough for the entire automobile industry. “It was a setback for us at Okinawa Autotech, as for any other company. Having said that, we are glad to share that we managed stable growth and continued to make a mark in India’s EV revolution, even in such difficult times,” he said.

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