Statiq raises $18 million funding led by Tenacity Ventures

EV charging startup Statiq has secured $18 million (₹163.2 Cr) in a mix of equity and debt funding in a round led by Tenacity Ventures.

The round also saw participation from Y Combinator, Shell Ventures and RCD Holdings.

The startup will use the funds to grow its charging network and expand into major Tier I and II cities. The startup plans to install fast DC chargers on important highways, improve its products to reach “99.9% uptime,” and start exporting its hardware internationally. The investment will also help enhance hardware durability and add smart features for smoother expansion.

Read also- ValueQuest raises Rs 1,500 crore from domestic LPs

“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.”

About Statiq 

Founded in 2020 by Raghav Arora and Akshit Bansal,  Statiq builds and operates EV charging infrastructure and provides a mobile app to locate and book charging points. Its services include both hardware and software, with most revenue coming from chargers and related equipment. The startup also runs a financing program with the State Bank of India to help set up more charging stations.

Through its app, users can access charging services from Statiq’s network as well as other providers like E-Fill, Sunfuel, and GLIDA. Statiq has partnered with government agencies, automakers, and hospitality companies to expand its network to around 100 cities, with over 10,000 chargers installed so far.

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Advertisment

Latest Business and Startup News: Discover Funding Trends and Stories Shaping Indian Startups.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving succes.