EV charging startup Statiq has successfully raised $18 million in a funding round that included equity and debt financing, with Tenacity Ventures leading the investment and participation from Y Combinator, Shell Ventures, and RCD Holdings.
The funding will be used to expand Statiq’s EV charging infrastructure and grow its presence in Tier I and II cities, focusing on enhancing hardware lifecycle and advanced telematics, as per the company’s press release.
Established in 2020 by Akshit Bansal and Raghav Arora, Statiq specializes in building and managing EV charging infrastructure. The startup offers a consumer app for locating and reserving charging points, combining hardware and software services. Statiq’s revenue primarily comes from its hardware segment, which includes chargers and related infrastructure. Additionally, the company operates a financing program in partnership with State Bank of India to accelerate infrastructure development.
Statiq’s mobile app users can access charging services from its network and other providers like E-Fill, Sunfuel, and GLIDA. By collaborating with government entities, automakers, and hospitality firms, Statiq has expanded its charging network to over 100 cities, boasting more than 10,000 installed chargers. In a competitive sector, Statiq faces opposition from well-funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC, aiming to double its charger installations by the close of 2026.
Source: Entrackr : Latest Posts