EV Charging Network Startup Statiq, has raised $25.7 million (approx. over Rs 200 crore) in a Series A round to grow its network of electric vehicle charging offerings.
The startup plans to use this fresh investment to strengthen its core team, invest in product engineering and network infrastructure, and accelerate its efforts to scale and realise value from its contract portfolio, it noted.
“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,” Akshit Bansal, Co-founder and CEO, Statiq, said.
He added, “Shell and Statiq share a vision of actively driving the transformation towards sustainable modes of transport. Gaining Shell Ventures as an investor is a major milestone for Statiq.”
Startup Statiq has inked partnership with Hero Electric and Ather
Statiq recently partnered with Hero Electric and worked with EV manufacturer Ather to improve the integrated EV charging network in northern Indian states. The goal was to establish an end-to-end ecosystem for EV chargers.
The announcement stated that the next phase in optimizing the business’s operations is closing this significant funding round.
“Statiq will be able to tap into a wealth of operational excellence and accelerate working towards quality, safety, and environmental standards that are second to none by closely cooperating with Shell group experts as we grow,” Raghav Arora, Co-founder and CTO, Statiq, said.
With this funding, Arora added, “We plan to rapidly scale our business while continuing to invest further in technology, innovation, and product development.”
On its investment in the startup, Robert Linck, Chief Investment Officer, Shell Ventures, said, “With its consumer-centric approach, we believe Statiq is on track to lead the EV charging experience in India. Our investment in Statiq stands for our belief in their potential and our shared ambition to accelerate the electrification of mobility solutions.
The funding was headed by Shell Ventures. The investment will be used primarily to fund product engineering and network infrastructure.
