Statiq has secured Rs. 200 crore in a round headed by Shell Ventures. The electric charging infrastructure startup will use the money to develops its products, expand its network, and build the core team.
Statiq has received $25.7 million (Rs. 200 crores) in a Series A investment headed by Shell Ventures. The EV charging infrastructure business now intends to raise a financing round of INR 50 Cr next week. Statiq intends to utilize the cash for product development, network growth, and the development of hardware and software for a massive charging network. The monies will be used over a two-year period, according to the creators.
This is the largest Series A round ever made in the EV infrastructure industry. It will help Statiq accelerate its efforts to grow and maximize the value of its contract portfolio.
The Y Combinator-backed firm, which previously received $200K in its seed round in 2020, plans to invest the $25 million on product engineering and strengthen the core staff.
Statiq, founded in 2020 by Akshit Bansal and Raghav Arora, is building a network of EV charging stations in key cities across the country.
The firm has agreements with owners of public spaces like as hotels, restaurants, malls, and dhabas to install charging stations and tackle the chicken and egg dilemma that has plagued the EV ecosystem.
So far, it has collaborated with over 20 organizations to establish charging networks on their premises. In terms of B2C, the business has offered charging infrastructure to over 25K four-wheelers and 40K two-wheelers.
According to the creators, charging a two-wheeler costs less than INR 50, while charging a four-wheeler costs between INR 400 and INR 500. Private charge accounts for 70% of company revenue, which is generated through billboard ads.
The startup is active in a variety of fields. It provides charging infrastructure for two-wheelers, three-wheelers, and four-wheelers in residential and business locations. Statiq also sells charging software to OEMs and private charging stations to enable the electrification of logistic companies’ fleets. It also serves as a map aggregator, linking private EV networks to EV consumers.
According to Bansal, the goal is to create the largest network of EV charging stations possible.
“The concept is augmented by commercial models like as home charging stations, OEM collaborations, or the aggregation of existing third-party charging stations.”
The EV market in India will be worth $206 billion by 2030, with the EV charging industry reaching $25.5 billion by 2027. Statiq competes in the market with companies such as Kazam and Charge Zone, among others.
The startup from Delhi NCR now has a strong presence in the region. It is headquartered in Haryana and has collaborated with the Haryana government and NASSCOM to provide charging stations. It currently intends to grow to Tier 1 cities in northern India, followed by Bengaluru, Hyderabad, Mumbai, Pune, and Kolkata.