Gurugram-based EV infrastructure startup Statiq has raised $25.7 Mn (About ₹200 Cr) in its series A round, led by Shell Ventures.
In a statement, Akshit Bansal, co-founder and chief executive officer of Statiq, said “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. Shell and Statiq share a vision of driving transformation towards sustainable modes of transport. Having Shell Ventures as an investor is a milestone for Statiq.”
Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq is an EV infrastructure startup, working to develop an EV charging network in major cities across India. Since the EV market in India is not large enough to profitably run full scale charging stations analogous to gas stations, Statiq has partnered with local public places like malls and restaurants to set up charging outlets at their premises. Statiq provides charging setups for two, three and four wheeler vehicles, and also provides private charging stations to logistics companies to facilitate the entry of electric vehicles in their supply chain.
Headquartered in Gurugram, Statiq has partnered with the Haryana State Government to set up charging stations in the state, with plans to expand to other Tier-1 cities of India. The company has Ambitions to create the largest EV charging network in the country. “The idea is supplemented with business models like the residential charging stations, OEM partnerships or aggregation of existing third-party charging stations,” Bansal said in an interview.
While the Indian EV market has seen its fair share of setbacks off late, It is expected to reach a magnificent worth of $206 Bn by 2030, and EV charging is expected to be worth $25.5 Bn by 2027. Statiq, having a strong presence in the country, faces competition with Charge Zone and Kazam among others.