Folks Motor is rapidly evolving into a diversified conglomerate, significantly expanding its footprint in B2B EV systems and components. Under the leadership of Founder & CEO Nikhil Anand Khurana, who holds a patent for his groundbreaking EV retrofitment technology, the company is now venturing into asset management, financial services, and industrial infrastructure, positioning itself as a key player in India’s burgeoning EV ecosystem.
Having already revolutionized the EV retrofitment industry with advanced powertrain solutions and systems integration, Folks Motor has made it feasible and scalable to transition 10-year-old diesel and petrol vehicles to electric power. This innovative solution is propelling cleaner mobility across India. By aggregating demand and collaborating with leading suppliers, the company is curating a comprehensive range of powertrain platforms and power electronics, ensuring a seamless automotive experience.
Nikhil Anand Khurana, MD and CEO, Folks Motor, shares, “We are incredibly proud to be at the forefront of the electric vehicle (EV) revolution, driving innovation and creating scalable solutions that can reshape the mobility landscape. At Folks Motor, our mission is not just about providing retrofitting solutions but about advancing a holistic ecosystem for sustainable transportation. By enabling the transition of older, fuel-driven vehicles to electric ones, we directly contribute to cleaner air and a more sustainable future.
Our goal extends beyond product innovation—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.
As part of its ambitious growth plan, Folks Motor is expanding into financial services with the launch of Folks Finance. This new initiative will focus on retail financing for EVs and retrofitment customers, alongside corporate lending offerings such as project financing, bill discounting, working capital loans, and financial support for EV dealers and component manufacturers.
The global electric vehicle component market is valued at USD 148.32 Billion in 2022 and is expected to grow to USD 1001.95 Billion by 2032, with a CAGR of 21.05%. Recognizing this immense market potential, Folks Motor is strategically positioning itself to capitalize on this rapid growth.
Folks Motor is targeting ₹200 crore in revenue by FY 26/27, with the funds earmarked for land acquisition, CAPEX investment, warehousing, and an industrial park, with a total project investment of ₹500 crore. The company is also planning to raise $100 million in ESG capital to accelerate the growth of its cutting-edge services and strengthen its position as a technology-driven OEM. Recognized by PM Narendra Modi and Niti Aayog, Folks Motor has earned accolades in the xEV category and continues to play a pivotal role in India’s automotive transformation.