The multilevel voltage-source inverter (VSI) topology of the series multicell converter developed in recent years has led to improved converter performance in terms of power density and efficiency. This converter reduces the voltage constraints between all cells, which results in a lower transmission losses, high switching frequencies and the improvement of the output voltage waveforms. This paper proposes an improved topology of the series multicell inverter which minimizes harmonics, reduces torque ripples and losses in a variable-speed induction motor drive. The flying capacitor multilevel inverter topology based on the classical and modified phase shift pulse width modulation (PSPWM, MPSPWM) techniques are applied in this paper to minimize harmonic distortion at the inverter output. Simulation results are presented for a 2-kW induction motor drive and the results obtained demonstrate reduced harmonics, improved transient responses and reference tracking performance of the voltage in the induction motor and consequently reduced torque ripples.