Statiq Secures $15-18 Million in New Funding for EV Charging Network

Statiq is currently in advanced negotiations to obtain between $15 and $18 million in a new funding round, as disclosed by two individuals familiar with the situation. Initially, Statiq was considering a significantly larger funding round, however, the company has opted for a more modest investment between $15 million and $18 million, stated one of the sources who wished to remain anonymous. An institution is expected to lead the funding round, with contributions from both new and existing investors.

About Statiq

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq develops and manages EV charging infrastructure, in addition to operating a consumer application that helps users locate and book charging stations. The last funding round brought in $25.7 million, led by Shell Ventures, in mid-2022.

Funding History and Future Plans

Previously, Statiq was reported to be negotiating a $50 million Series B funding round last year, but this did not come to fruition at that scale. The startup provides a blend of hardware and software services, with a significant portion of its revenue derived from its hardware segment, which includes charging devices and associated infrastructure. Statiq also collaborates with the State Bank of India to support financing operations for EV charging stations, promoting quicker infrastructure development.

Valuation and Financial Performance

Sources indicate that Statiq’s valuation is expected to remain unchanged during the Series B round, approximately $100 million post-money. This stable valuation aligns with the recent performance of Statiq’s Indian entity (Sharify Services Pvt Ltd), which experienced a 40% year-on-year decline in operational revenue, dropping to Rs 40.9 crore in FY24 from Rs 67.53 crore in FY23. Meanwhile, losses expanded 3.1 times, reaching Rs 44.52 crore in FY25. The company has yet to publish its financial figures for FY25.

Plans for the New Capital

It is anticipated that Statiq will apply the new capital towards expanding its network and enhancing product development to strengthen its footprint in the EV charging market, as noted by the previously mentioned source. However, it is important to note that the terms of the deal may be subject to last-minute changes. A number of attempts to acquire comments from Statiq’s founders and Shell Ventures on Thursday were met with no response by the time of publication.

Competitive Landscape

Within the EV charging infrastructure sector, Statiq faces competition from well-capitalised startups like Charge Zone, ElectricPe, Bolt.Earth, and IPEC.