Electric vehicle (EV) charging network operator Statiq is poised to raise approximately $50 million in its Series B funding round, according to sources familiar with the company's plans. The Gurugram-based startup, which connects EV owners to charging points through its innovative platform, is engaging with both existing and potential new investors.
Existing and New Investors Show Interest
Statiq is reportedly in discussions with its current backers, including Shell Ventures and Y Combinator, and is also attracting interest from new investors. Despite queries, Statiq has yet to comment on the ongoing funding round. The startup, founded in 2020 by Akshit Bansal and Raghav Arora, last secured $25.7 million in June 2022, a round led by Shell Ventures. Statiq's investor roster also includes Astir Ventures and Oyster Ventures.
Innovative Charging Solutions
Statiq has developed a comprehensive charging ecosystem, including the establishment of charging infrastructure and the sale of EV chargers. The company’s mobile application is a key component, allowing users to locate Statiq charging points as well as those from other operators. Currently, the app contributes 5-8% to Statiq’s total revenue, with the hardware business being the largest revenue stream at about 50%, followed by energy sales through its charge point operator (CPO) business.
Expansion and Partnerships
Statiq has been aggressively expanding its charging network. In May, the company signed an agreement with Cube Stop Highway Rest Areas to install charging points along Indian highways, bolstering its existing network of 7,000 charging points, which it aims to expand to 20,000 by 2025. In addition, Statiq has partnered with Tata Passenger Electric Mobility to support the establishment of 10,000 EV charging stations in India by FY25. This partnership is part of a broader mission to enhance India's EV infrastructure and support the country's transition to electric mobility.
Vision for the Future
Statiq's continued growth and investment highlight the increasing demand for reliable EV charging infrastructure in India. As the country pushes towards greater adoption of electric vehicles, companies like Statiq are essential in providing the necessary support to make this transition smoother. By securing substantial funding in its Series B round, Statiq aims to further accelerate its network expansion and solidify its position as a leading player in the EV charging industry. For more information and updates on Statiq’s funding and expansion plans, follow YourStory and stay connected with the latest developments in the EV sector.
