Okinawa expects to close this fiscal with a new record Rs 800 cr revenue
Okinawa expects to close this fiscal with record Rs 800 cr revenue
The second-largest electric scooter maker Okinawa Autotech, which has sold around 1 lakh units so far this fiscal, is expecting to close the outgoing fiscal with record revenue of around Rs 800 crore.
One lakh unit sales mean the Gurugram-based company, which is a pioneer in the EV space since 2015, has added two-thirds of its total 1.5 lakh units in the outgoing fiscal alone.
Last week, it had launched the Okhi-90, its best in terms of range and speed, offering up to 160 km per charge and 80-90 km speed at an attractive price of Rs 1.21 lakh.
Jeetender Sharma, co-founder and managing director of bootstrapped Okinawa, has set a target of selling 50,000 units of the new model, or a fourth of his full-year target of 2 lakh units in FY23.
He expects the new model to become his next flagship after Praise which fetches almost 70 per cent of the current volume.
We have had a wonderful year, the best in every sense of the word. And we are on course to close the outgoing fiscal with a topline of around Rs 800 crore against Rs 120 crore revenue we had in the pandemic-hit FY21, Sharma told PTI but refused to share the expected net income, saying they are profitable.
Sharma also said he is ready to dilute a small percentage of his stake and wife Rupali Sharma, who is the chairperson and co-founder, shareholding in the firm and that many investors are talking to him, but refused to offer a time-line saying he is not in a hurry to raise funds.
Its manufacturing unit at Bhiwadi, with an installed capacity of 90,000 units, has been running at overcapacity, as it has already sold close to 1 lakh units in the outgoing fiscal, making it the second-largest EV scooter maker in the country.
The company has exhausted its 90,000 units in the first plant and is on course to commission its second 3 lakh unit plant shortly, Sharma said.
Okinawa sells its six models through 452 dealerships and hopes to add over 150 in FY23, Sharma said