Statiq Secures Funding for Enhanced EV Charging Infrastructure

Statiq, a pioneering EV charging startup, has raised $18 million, equivalent to approximately Rs 163.2 crore. This funding round, which includes both equity and debt, was led by Tenacity Ventures with contributions from Y Combinator, Shell Ventures, and RCD Holdings. The startup Superb previously reported on this significant deal back in October of the previous year.

Previous Funding and Future Plans

The company had earlier secured $25.7 million in a Series A funding round led by Shell Ventures in mid-2022. Statiq intends to use the new funds to enhance its charging infrastructure and broaden its footprint in Tier I and II cities, along with funding hardware lifecycle advancements and sophisticated telematics, as noted in a press release.

About Statiq

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq designs and operates EV charging infrastructure while also providing a consumer app to help users find and book charging locations. The startup offers a blend of hardware and software services, with the hardware section, including chargers and associated infrastructure, being the primary source of revenue. Moreover, Statiq has teamed up with the State Bank of India to offer a financing programme for EV charging stations, thereby expediting infrastructure growth.

Services and Partnerships

According to States, users of its mobile application can access charging services through its network as well as from other providers including E-Fill, Sunfuel, and GLIDA. The startup has also formed alliances with government agencies, automotive manufacturers, and hospitality businesses to enhance coverage across approximately 100 cities, where over 10,000 chargers have been deployed.

Competitive Landscape

In the rapidly evolving EV charging infrastructure landscape, Statiq encounters competition from well-funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC. The company has ambitious plans to double its number of installed chargers by the close of 2026.