EV Charging Startup Statiq Raises USD 18 Mn Led by Tenacity Ventures The round also saw participation from Y Combinator, Shell Ventures and RCD Holdings.
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EV charging startup Statiq has secured USD 18 million (about INR 163.2 crore) in a mix of equity and debt funding led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures and RCD Holdings.
The company previously raised USD 25.7 million in a Series A round led by Shell Ventures in mid-2022.
Statiq said the fresh capital will be used to scale its charging infrastructure, expand into Tier I and II cities, and support hardware lifecycle upgrades and advanced telematics.
Founded in 2020 by Akshit Bansal and Raghav Arora, the company builds and operates EV charging infrastructure and runs a consumer app that helps users locate and book charging points. It offers hardware- and software-led services, with chargers and related infrastructure contributing most of its revenue. Statiq also operates a financing programme for EV charging stations in partnership with State Bank of India to accelerate network expansion.
Through its mobile app, users can access Statiq's chargers as well as partner networks such as E-Fill, Sunfuel and GLIDA. The company has worked with government bodies, automakers and hospitality firms to expand coverage to about 100 cities, installing more than 10,000 chargers.
In the EV charging infrastructure segment, Statiq competes with Charge Zone, ElectricPe, Bolt.Earth and IPEC. It aims to double its installed chargers by the end of 2026.
