Statiq, an electric vehicle charging network provider, has raised $18 million (approximately Rs 163.2 crore) in a mix of equity and debt funding. The round was led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures and RCD Holdings.
The company had previously raised $25.7 million in a Series A round in mid-2022, which was led by Shell Ventures. With this latest infusion of capital, Statiq plans to accelerate the rollout of its charging infrastructure and deepen its footprint across Tier I and Tier II cities. The funds will also support improvements in hardware lifecycle management and advanced telematics capabilities, according to a company statement.
Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq focuses on building and operating EV charging infrastructure while also offering a consumer-facing mobile application that helps users locate and book charging stations. Its business model blends hardware and software-driven services, with the hardware segment — including chargers and related infrastructure — contributing the majority of its revenue.
To further speed up infrastructure deployment, the startup has partnered with State Bank of India to run a financing program for EV charging stations. This initiative is aimed at reducing capital barriers and encouraging wider adoption of charging solutions.
Through its mobile app, users can access charging services not only from Statiq’s own network but also from partner providers such as E-Fill, Sunfuel and GLIDA. The company has worked alongside government bodies, automobile manufacturers and hospitality brands to expand its reach. Currently, Statiq operates in around 100 cities and has installed more than 10,000 chargers across the country.
The EV charging infrastructure space in India is becoming increasingly competitive. Statiq faces competition from well-funded players including Charge Zone, ElectricPe, Bolt.Earth and IPEC. Despite the crowded market, the company has set an ambitious target of doubling its installed charger base by the end of 2026.
Reflecting on the journey so far, the company shared, “We’ve seen the highs and lows of the sector, but our focus remained on the ground , literally.”
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