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In Multilevel Inverters, Cascaded H bridge converters are considered to be the most preferred form of converters. But in these converters as the number of staircase levels in output voltage increases the dc source requirement also increases, thereby limiting its application. This paper tries to address the above mentioned problem by developing a Modified version of Cascaded Multilevel Converters which require reduced number of dc voltage source for increased levels in output voltage as compared to conventional cascaded converters. The spectral quality analysis of output voltage obtained for different loads is also shown signifying the merits of modified converters. Due to these advantages the drawback in the implementation of conventional cascaded converters in electric vehicles or in industrial applications is overcome by modified cascaded inverters. In this paper, the developed Modified Cascaded Converters are simulated in MATLAB/ SIMULINK and the THD of different output voltage levels are compared for different loads.