19-05-2025
Folks Motor Unveils 'Folks Funds' to Strengthen EV Manufacturing, Raises INR 100 Cr in First Close
The fund will strategically invest in areas like powertrain systems, energy storage, Electronic Manufacturing Services (EMS), and system integration, with a strong focus on achieving a minimum 50% domestic value addition—aligned with the government's 'Make in India' goals.
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Folks Motor, a leading Indian player in the hybrid electric retrofit (xEV) space, has launched Folks Funds, an Alternative Investment Fund (AIF) Category II, with an initial corpus of INR 500 crore.
With INR 100 crore already secured in its first close, the company expects to achieve full closure by the end of 2025. Touted as India's ESG-focused investment fund dedicated to the EV supply chain, Folks Funds aims to consolidate component demand and drive localisation in the fast-evolving electric mobility sector.
The fund will strategically invest in areas like powertrain systems, energy storage, Electronic Manufacturing Services (EMS), and system integration, with a strong focus on achieving a minimum 50% domestic value addition—aligned with the government's 'Make in India' goals.
A major portion of the fund will be channelled into the development of The Blue IP—India's first xEV-centric warehousing and industrial park in Sonipat, Haryana. This state-of-the-art facility is envisioned as a dedicated ecosystem for EV manufacturing and logistics, designed to support the growing demands of the green mobility sector.
"Our vision with Folks Funds is to redefine India's position in the global EV supply chain," said Nikhil Anand Khurana, MD and CEO of Folks Motor. "With the Blue IP and our strategic partnerships, we are not just building infrastructure—we are building future-ready ecosystems for sustainable manufacturing. This fund is a step towards Atmanirbhar Bharat, enabling domestic innovation and job creation while attracting global interest in Indian-made EV components."
Folks Motor is also in active discussions with state governments in Telangana and Karnataka to further expand its footprint. These regions have shown leadership in promoting EV infrastructure and adoption.
Besides greenfield manufacturing, Folks Funds will support retrofitment technologies—critical to extending vehicle lifespans and reducing fleet costs. "This dual approach supports both green mobility and economic efficiency," Khurana added.
Through this initiative, Folks Motor aims to transform the EV value chain, enable strategic consolidation, and position India as a global hub for sustainable and self-reliant automotive solutions.
Folks Motor offers hybrid electric retrofit solutions via HyB Cars (certified pre-owned cars with hybrid kits), HyB Kits (for specific car models), and HyB Care (eco-friendly maintenance services), aiming to reduce emissions and enhance mileage with a unique gearless electric mode.
