Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn

EV charging network startup Statiq is in advanced talks to raise around $15 to 18 million in a new funding round from new and exiting investors, according to two people familiar with the potential deal.

“Statiq was earlier exploring a much larger round, but the company has now decided to settle for a smaller cheque in the range of $15–18 million,” said one of the people cited above, requesting anonymity. “A new institutional investor is likely to lead the round, with participation from other new and existing investors.”

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq builds and operates EV charging infrastructure and runs a consumer app for locating and booking charging points. The company last raised $25.7 million in a Series A round led by Shell Ventures in mid 2022.

The firm was later reported to be in talks for a $50 million Series B last year but the round did not materialize at that scale.

The startup offers a mix of hardware and software led services, with its hardware segment including chargers and related infrastructure contributing the majority of its revenue. Statiq also runs a financing program for EV charging stations in partnership with State Bank of India to accelerate infrastructure expansion.

As per sources, Statiq’s valuation will remain flat in the Series B round, at around $100 million post-money. The flat valuation isn’t surprising, as Statiq’s Indian entity (Sharify Services Pvt Ltd) saw its revenue from operations decline 40% year-on-year to Rs 40.9 crore in FY24 from Rs 67.53 crore in FY23. At the same time, the company’s losses ballooned 3.1X to Rs 44.52 crore in FY25. It’s yet to disclose FY25 numbers.

“The company is likely to deploy the fresh capital toward network expansion and product development to strengthen its position in the EV charging space,” said the source quoted above.

To be sure, the terms of the deal may change at the last moment.

Responding to Entrackr’s queries, a Statiq spokesperson said that the company is not engaged in any such funding discussions as claimed and mentioned in the story. We also reached out to Shell Ventures on Thursday for comment but did not receive a response until the time of publication.

In the EV charging infrastructure sector, Statiq faces competition from well funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC.

Update (3:12 PM, Oct 24th): The story has been updated with official statement from Statiq.