New Delhi-based EV charging network provider Statiq announced it has raised $18 million (approximately ₹163 crore) in a fresh funding round.
This capital infusion, which is a mix of equity and debt, marks a significant milestone as the Indian EV infrastructure sector emerges from a prolonged “capital winter.”
Key Details of the Funding Round
The round was led by Tenacity Ventures, a firm focused on early-growth, “IPO-scale” startups.
- Lead Investor: Tenacity Ventures (led by Rohit Razdan).
- Participating Investors: Existing backers Y Combinator and Shell Ventures, along with RCD Holdings.
- Previous Funding: Statiq previously raised $25.7 million in a Series A round led by Shell Ventures in mid-2022.
- Total Assets: The company currently operates over 10,000 AC and DC chargers across roughly 100 cities.
Strategic Roadmap: Where the Money Goes
Founders Akshit Bansal and Raghav Arora have laid out an aggressive plan to transition from a local leader to a global contender.
| Objective | Detail |
| Highway Expansion | Deploying additional DC fast chargers along major national highways to facilitate long-distance EV travel. |
| Tier I & II Growth | Strengthening infrastructure in urban centers to support the rising density of electric four-wheelers. |
| Global Exports | Launching “Made in India” hardware exports, building on successful pilot projects in the UAE. |
| Tech Upgrades | Investing in advanced telematics and hardware lifecycle management to target 99.9% uptime. |
| Scale Target | Aiming to double its network to 20,000 charging points by the end of 2026. |
The “Full-Stack” Advantage
Unlike many competitors that rely on third-party hardware, Statiq builds its own proprietary AC and DC fast chargers paired with integrated software.
- Unit Economics: CEO Akshit Bansal highlighted that the company survived the recent downturn by focusing on unit economics—building chargers that can withstand the extreme climatic range of India, from the heat of Rajasthan to the humidity of Kerala.
- Financing Program: To lower capital barriers for partners, Statiq maintains a strategic partnership with the State Bank of India (SBI) to offer specialized financing for charging stations.
- Interoperability: The Statiq mobile app allows users to access not only its own chargers but also partner networks including E-Fill, Sunfuel, and GLIDA.
“This isn’t just a funding announcement; it’s a validation of a 20-year mission… This capital allows us to move from being a leader in India to a contender on the global stage.” — Akshit Bansal, Co-Founder & CEO, Statiq.
