EV Charging Startup Statiq Raises $25.7M In Series A Funding
Statiq, an electric vehicle charging network startup, has raised $25.7 million (over Rs 200 crore) in its Series A funding round led by Shell Ventures.
As per the startup, it will use the raised funds to accelerate its efforts to scale and realise value from the contract portfolio by investing in product engineering and network infrastructure and reinforcing the core team.
Statiq | EV Charging Simplified
Founded by Akshit Bansal and Raghav Arora, Statiq is an electric vehicle charging network startup that enables users to locate and book EV chargers through its mobile app, also facilitating remote and seamless payment for the usage.
The startup manufactures its proprietary smart EV chargers and also aggregates other public EV chargers, providing complete EV charging solutions for home, public & commercial charging.
Speaking about the development, Akshit Bansal, Co-founder and CEO of Statiq, said,
“Securing the first closing of our Series A ensures delivering on value-enhancing growth options already secured by Statiq as we set out to build India’s leading EV charging services company.”
Recently, to provide an end-to-end ecosystem for EV chargers, Statiq teamed up with Hero Electric and collaborated with another EV maker Ather, to enhance the combined EV charging network in northern Indian states.
As per Raghav Arora, co-founder and CTO of Statiq, through this funding round, the startup will be able to tap into a wealth of operational excellence. It will help Statiq accelerate working towards quality, safety, and environmental standards that are second to none by closely cooperating with Shell group experts, Raghav added.
Over the years, the Indian Electric Vehicle market has grown leaps and bounds. Though EV sales accounted for barely 1.3% of total vehicle sales in India during 20-2021, the present growth trends seem promising, and RBSA expects it to grow at a CAGR of 90% in this decade to touch $150 billion by 2030.