Statiq, an Indian electric vehicle (EV) charging startup, is preparing for its next phase of growth and is planning to raise $15-18 million in new funding. The company is planning to use the funding to extend its charging network across the country and to enhance its mobile app, as it aims to make electric transport convenient and dependable in every corner of India.
From Vision to National Footprint
It all started in 2019 with Akshit Bansal and Raghav Arora founding Statiq, and within a short span Statiq has become one of the most prominent EV charging platforms in India. The company’s journey from just making EV charging easy to now being a complete ecosystem with proprietary hardware, user-friendly software, and mutually beneficial partnerships is quite remarkable.
Today, Statiq operates over 7,000 charging points across 60+ cities, catering to both individual EV owners and commercial fleets. Its chargers, from standard AC units to DC fast chargers, are built to deliver a seamless experience, while the app helps users locate, reserve, and pay for charging sessions with ease.
Funding to Power the Next Stage
The upcoming funding round will focus on two major growth priorities:
- Network Expansion: Rolling out more charging hubs along highways, shopping complexes, residential societies, and commercial centers.
- App Enhancement: Improving real-time features like station discovery, availability updates, booking, and digital payments to elevate user convenience.
The timing couldn’t be better. With EV sales in India crossing 1.7 million units in FY24, a year-on-year rise of over 40% the demand for dependable charging infrastructure has never been higher. Statiq’s integrated approach bridges the gap between users and charging access, supporting India’s broader clean-mobility goals.
Strategic Partnerships Fueling Growth
A key driver behind Statiq’s rapid scale-up is its partnership-first strategy.
- Its tie-up with Bharat Petroleum Corporation Ltd. (BPCL) has integrated 2,800 BPCL chargers into the Statiq network, vastly improving highway coverage.
- Meanwhile, its collaboration with State Bank of India (SBI) provides financing support for entrepreneurs looking to open charging stations, with investment options ranging from ₹10 lakh to ₹5 crore.
These alliances combine Statiq’s innovation with the reach and reliability of established institutions, making expansion both scalable and sustainable.
Business Evolution and Financial Backbone
Statiq’s most recent substantial funding event was a $25.7 million Series A round in 2022 led by Shell Ventures, which fueled its expansion across the U.S. After that, the firm has been gradually shifting its business model from being mainly hardware-focused to a model that generates recurring revenue from charging services and software management.
This hybrid model, where technology supports infrastructure, allows Statiq to scale efficiently in what is traditionally a capital-heavy industry. Its long-term focus on data, predictive analytics, and digital operations is also helping it manage costs while improving network uptime.
Navigating a Competitive Market
The segment of EV charging in India is expanding at a fast pace with various companies such as Charge Zone, Bolt.Earth, ElectricPe, and IPEC vying for a share of the market. Statiq stands out as a company that puts the user first in its approach, uses data for deciding the location of the station, and is tech-enabled for the trustworthiness.
The company is already exploring AI-based tools for station optimization and predictive maintenance, aiming to ensure near-perfect uptime, a crucial factor for customer trust and repeat usage.
Driving India’s Clean Mobility Future
The charging infrastructure will be the main point of the country’s EV revolution in India, which is fast moving towards a cleaner future. Statiq’s next round of funds will be like a spark to new station rollouts, facilitate the user experience, and extend their reach across the country.
Statiq is combining innovative engineering, intelligent software, and well-thought-out collaborations to not only position itself as an EV charging company but also as the main driver that powers the Indian transportation sector’s change to eco-friendly transport.
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