Folks Motor marks first close of maiden investment fund

Hybrid electric retrofit car company Folks Motor has announced the first close of its Folks Funds, a Category II alternative investment fund (AIF), securing Rs 100 crore. The fund has a target corpus of Rs 500 crore ($58.5 million) and marks a significant step in the company's expansion plans.

This fund is described as India's first ESG-focused investment vehicle dedicated to the electric vehicle (EV) supply chain. It aims to bolster local manufacturing capabilities, support component suppliers, and drive innovation in the retrofit sector.

Nikhil Anand Khurana, MD & CEO of Folks Motor, stated that the fund will play a pivotal role in developing 'The Blue IP', a dedicated warehousing and industrial park in Sonipat. This park will serve as a hub for EV component manufacturing and logistics.