+
Folks Motor Secures Rs one Billion for EV Fund Targeting Rs five Billion
ECONOMY & POLICY

Folks Motor Secures Rs one Billion for EV Fund Targeting Rs five Billion

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

A significant portion will be invested in “The Blue IP,” India’s 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’s MD and CEO, Nikhil Anand Khurana, highlighted the fund’s role in supporting Atmanirbhar Bharat by fostering domestic innovation and job creation, alongside retrofitment technologies that extend vehicle lifespans and reduce costs.

India’s EV sales exceeded two million units in 2024, a 25.4 per cent increase year-on-year, yet localisation for key components remains at 30–40 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


Folks Motor, a leading player in India’s xEV retrofit industry, has secured Rs one billion in the first close of its “Folks Funds,” an Alternative Investment Fund (AIF) Category II with a target corpus of Rs five billion. The fund aims to strengthen India’s electric vehicle (EV) supply chain and enhance local manufacturing, targeting full funding by the end of 2025.A significant portion will be invested in “The Blue IP,” India’s 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’s MD and CEO, Nikhil Anand Khurana, highlighted the fund’s role in supporting Atmanirbhar Bharat by fostering domestic innovation and job creation, alongside retrofitment technologies that extend vehicle lifespans and reduce costs.India’s EV sales exceeded two million units in 2024, a 25.4 per cent increase year-on-year, yet localisation for key components remains at 30–40 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

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code