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Folks Motor, a leading player in India’s xEV (retrofit) sector, has raised ₹100 crore in the first close of its newly launched Alternative Investment Fund (AIF) – Folks Funds. The Category-II AIF aims to raise a total corpus of ₹500 crore by the end of 2025. The fund is focused on strengthening India’s electric vehicle (EV) supply chain and boosting domestic manufacturing capabilities.
A significant portion of the fund will be invested in the development of The Blue IP, an exclusive xEV-focused industrial and warehousing park in Sonipat, Haryana. Touted as India’s first industrial park dedicated to the EV ecosystem, the facility will offer advanced infrastructure for manufacturing and logistics. Additionally, the fund will channel investments into critical sectors such as powertrain systems, energy storage, electronic manufacturing services (EMS), and system integration.
Speaking on the launch, Nikhil Anand Khurana, Managing Director and CEO of Folks Motor, said, “Our goal with Folks Funds is to establish India as a strong player in the global EV supply chain. Through The Blue IP and strategic investments, we are not only building infrastructure but also a future-ready ecosystem for sustainable manufacturing.” He also emphasized the fund’s focus on retrofitment technologies that will help extend the life of existing vehicles and reduce operational costs for commercial fleets.
With India’s EV market surpassing 2 million units in sales in 2024, and localization of key components like motors and controllers still at just 30-40%, Folks Motor is also exploring expansion in states like Telangana and Karnataka. As the nation works towards its Atmanirbhar Bharat and green mobility goals, Folks Funds is expected to play a pivotal role in driving innovation, employment, and sustainable growth in the EV sector.
