EV charging startup Statiq has raised $18 million (INR 163.2 crore) through a mix of equity and debt funding. The funding round was led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures, and RCD Holdings.
The company will use this money to expand its EV charging network across major Tier I and Tier II cities. It plans to install fast DC chargers on key highways, improve its systems to achieve 99.9% uptime, and begin exporting its charging hardware to international markets. The funding will also help make its hardware more durable and add smart features to support smooth growth.
“This isn’t just a funding announcement; it’s a validation of a 20-year mission,” said Akshit Bansal, co-founder & CEO of Statiq. “We’ve seen the highs and lows of the sector, but our focus remained on the ground, literally. We survived the downturn by executing on unit economics and building a product that works as well in the heat of Rajasthan as it does in the humidity of Kerala. This capital allows us to move from being a leader in India to a contender on the global stage.”
Founded in 2020 by Raghav Arora and Akshit Bansal, Statiq builds and operates EV charging stations. It also offers a mobile app that helps users find and book charging points. The company provides both hardware and software, but most of its revenue comes from selling chargers and related equipment.
The startup also runs a financing program in partnership with the State Bank of India. This program helps partners set up more EV charging stations across different locations.
Through its app, users can access charging services not only from Statiq’s network but also from other providers like E-Fill, Sunfuel, and GLIDA. Statiq has partnered with government bodies, car manufacturers, and hospitality brands to expand into nearly 100 cities, installing more than 10,000 chargers so far.
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