Folks Motor raises Rs.100-Cr at first close of Rs.500-Cr EV-focused fund

Gurugram-based Folks Motor , an automotive company, has launched "Folks Funds," a Category II Alternative Investment Fund (AIF), with an initial corpus of INR 500 crore. The fund has already raised INR 100 crore at its first close, with expectations to reach INR 500 crore by the end of 2025.Folks Funds is an ESG (Environment, Social, and Governance)-focused fund catering to EV supply chains for its consolidation and to aggregate the demand of EV systems and components.A significant portion of the fund will be allocated to developing "The Blue IP," a EV-focused warehousing and industrial park in Sonipat, Haryana, to provide infrastructure for manufacturing and logistics.