Folks Motor, a leader in automotive retrofitment solutions, is evolving into a diversified automotive conglomerate. Spearheaded by Founder & CEO Nikhil Anand Khurana, the company, holding a patent for its EV retrofitment technology, is broadening its scope to encompass B2B EV systems and components, asset management, financial services, and industrial infrastructure. This strategic expansion positions Folks Motor as a major player in India’s rapidly expanding EV ecosystem.
Revolutionizing Retrofitment and Building a Sustainable Ecosystem
Folks Motor has pioneered advanced powertrain solutions and systems integration, making the conversion of older diesel and petrol vehicles (up to 10 years old) to electric power a viable and scalable option. This innovative approach promotes cleaner mobility throughout India. By aggregating demand and partnering with key suppliers, Folks Motor provides a comprehensive range of powertrain platforms and power electronics, ensuring a seamless automotive experience for its customers.
“Our mission extends beyond providing retrofitting solutions,” says Nikhil Anand Khurana, MD and CEO of Folks Motor. “We aim to build an integrated supply chain, create partnerships with key industry players, and introduce forward-thinking financial services through Folks Finance. The financial accessibility of EVs and retrofitment solutions will help accelerate adoption, especially among retail customers, SMEs, and component manufacturers.”
Expanding into Financial Services and Capitalizing on Market Growth
Folks Motor’s growth strategy includes the launch of Folks Finance, a new initiative offering retail financing for EV and retrofitment customers. Folks Finance will also provide corporate lending, including project financing, bill discounting, working capital loans, and financial support for EV dealers and component manufacturers.
The global electric vehicle component market, valued at USD 148.32 billion in 2022, is projected to reach USD 1001.95 billion by 2032, exhibiting a CAGR of 21.05%. Folks Motor is strategically positioned to capitalize on this significant growth.
Targeting Growth and Investment in Infrastructure
Folks Motor aims to achieve ₹200 crore in revenue by FY 26/27. These funds are earmarked for land acquisition, CAPEX investment, warehousing, and an industrial park, representing a total project investment of ₹500 crore. The company also plans to raise $100 million in ESG capital to further accelerate its growth and solidify its position as a technology-driven OEM.
Recognition and Future Outlook
Folks Motor, recognized by PM Narendra Modi and Niti Aayog for its contributions in the xEV category, continues to play a vital role in India’s automotive transformation. With its expanding presence in automotive retrofitment, finance, and asset management, the company is set to reshape India’s EV landscape, strengthen supply chains, and drive progress towards a sustainable future.
