Multi-Level Inverters (MLIs) are achieving broad popularity owing to the rapid development of power semiconductor devices. The capability of MLIs became recognized as a significant aspect of a system heavily reliant on Pulse Width Modulation(PWM) strategy. The conventional high frequency PWM techniques suffer from significant Total Harmonic Distortion (THD) along with power loss difficulties. This work recommends a hybrid PWM technique for lowering the THD and power loss of VSI adding the benefits of level-shift PWM and Phase-shift PWM. A novel form of carrier signals is employed in the proposed hybrid PWM technique. In contrast to existing PWM techniques, the proposed hybrid PWM technique minimizes switching and conduction power losses. In this work, the proposed PWM scheme is employed for asymmetric multilevel inverter. The proposed configuration is also examined using PLECS software to estimate losses and efficiency. The simulation work is done in the MATLAB/Simulink environment and the OPAL-RT(OP4510) test platform is employed to evaluate topology performance.