Okinawa Autotech, an Indian electric vehicle maker, is reportedly in talks to raise $100 million in funding. The company is seeking the funds to weather the ongoing funding winter in the Indian EV market and to overcome the challenges posed by the implementation of the FAME-II scheme, which has impacted the demand for electric two-wheelers. The FAME-II (Faster Adoption and Manufacturing of Electric Vehicles in India) scheme was launched by the Indian government in 2019 to promote the adoption of electric vehicles in the country. However, the scheme’s implementation has faced several challenges, including the delay in setting up the necessary charging infrastructure and the limited availability of affordable electric vehicles.
Despite these challenges, the Indian electric vehicle market has shown significant growth potential, with several companies launching new electric vehicle models and expanding their operations. Okinawa Autotech is one such company that has been making strides in the Indian EV market, with a focus on electric two-wheelers. If Okinawa Autotech is successful in raising the $100 million in funding, it could help the company to accelerate its growth and expand its product portfolio. It could also help the company to overcome the challenges posed by the funding winter and the FAME-II scheme, which have impacted the demand for electric two-wheelers in the country.