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
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement