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Folks Motor, a leading player in India鈥檚 xEV retrofit industry, has secured Rs one billion in the first close of its 鈥淔olks Funds,鈥� an Alternative Investment Fund (AIF) Category II with a target corpus of Rs five billion. The fund aims to strengthen India鈥檚 electric vehicle (EV) supply chain and enhance local manufacturing, targeting full funding by the end of 2025.

A significant portion will be invested in 鈥淭he Blue IP,鈥� India鈥檚 first xEV-focused industrial park in Sonipat, Haryana, providing warehousing and infrastructure for manufacturing and logistics. Strategic investments will focus on powertrain systems, energy storage, Electronic Manufacturing Services, and system integration, aligned with government policies to achieve at least 50 per cent local value addition.

Folks Motor鈥檚 MD and CEO, Nikhil Anand Khurana, highlighted the fund鈥檚 role in supporting Atmanirbhar Bharat by fostering domestic innovation and job creation, alongside retrofitment technologies that extend vehicle lifespans and reduce costs.

India鈥檚 EV sales exceeded two million units in 2024, a 25.4 per cent increase year-on-year, yet localisation for key components remains at 30鈥�40 per cent, offering opportunities for growth. Discussions are underway to expand investments in Telangana and Karnataka, states actively promoting EV adoption.

The EV sector is expected to generate 5 million direct and 30 million indirect jobs by 2030, with Folks Funds contributing to this expansion.

Source:Shruti Shiraguppi