EV charging startup Statiq raises $18 Mn led by Tenacity Ventures

EV charging startup Statiq has secured $18 million (about Rs 163.2 crore) in a mix of equity and debt funding round led by Tenacity Ventures along with participation from Y Combinator, Shell Ventures and RCD Holdings.  

Entrackr exclusively reported on this potential deal back in October last year.

The company last raised $25.7 million in a Series A round led by Shell Ventures in mid 2022.

The proceeds will be allocated towards scaling its charging infrastructure and expanding presence across Tier I and II cities, powering hardware lifecycle improvements and advanced telematics, Statiq said in a press release. 

Co-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 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. It also runs a financing program for EV charging stations in partnership with State Bank of India to accelerate infrastructure expansion. 

According to Statiq, users of its mobile app can avail charging services from its charging network along with other providers like E-Fill, Sunfuel and GLIDA. It has also collaborated with government bodies, automakers and hospitality companies to expand its charging network coverage to about 100 cities where it has installed over 10,000 chargers.

In the EV charging infrastructure sector, Statiq faces competition from well funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC. It aims to double the number of installed chargers by the end of 2026.