EV charging network provider Statiq has raised $18 million in a funding round led by Tenacity Ventures, at a time when India’s EV infrastructure segment has been navigating a prolonged funding slowdown.
The round is a mix of equity and debt, with participation from Y Combinator, Shell Ventures, and RCD Holdings.
Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq positions itself as a full-stack EV charging platform, combining proprietary AC and DC fast chargers with integrated software.
What the money will fund?
Statiq said it plans to channel the capital into a push across Tier-1 and Tier-2 cities, while also strengthening reliability and expanding its footprint beyond India.
Among its near-term priorities:
- Adding more DC fast chargers along key highways
- Upgrading systems to target 99.9% uptime
- Expanding globally by exporting homegrown hardware, building on pilot operations in the UAE
Bansal framed the raise as a turning point after a rough cycle for the sector. “We’ve seen the highs and lows of the sector, but our focus remained on the ground, literally… This capital allows us to move from being a leader in India to a contender on the global stage,” he said.
Statiq’s Scale today, and the year-end target
Statiq said it currently works with government bodies, automakers and hospitality clients across more than 100 cities, covering over 10,000 AC and DC chargers.
The company’s next milestone is ambitious: 20,000 charging points nationwide by the end of this year, it said.
Tenacity Ventures’ managing director Rohit Razdan said the firm is betting on builders of “critical infrastructure for India’s electric future,” adding that Tenacity is joining Statiq “as co-founders in spirit” to help take the company’s India story global.
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