Statiq Gears Up for Growth with $50 Million Series B Funding Round

Team Statiq
Preeti Bali / 7:40 am / June 7, 2024

Electric vehicle charging network and operator Statiq is poised for significant growth with a potential $50 million Series B funding round, according to industry sources. The Gurugram-based company is actively engaged in discussions with existing investors, including Shell Ventures and Y Combinator, while also exploring offers from new investment firms. This funding round follows Statiq’s successful Series A round in June 2022, which saw Shell Ventures join its investor pool. Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq has secured backing from prominent venture capital firms like Astir Ventures and Oyster Ventures.

Statiq: A Multi-Faceted Approach to EV Charging

Statiq has emerged as a key player in the burgeoning Indian EV charging space. The company employs a multi-pronged approach, focusing on establishing a robust charging infrastructure, selling charging units, and developing a user-friendly mobile application. This mobile app empowers EV owners to locate nearby charging stations, including those operated by Statiq and other providers. While the app currently contributes 5-8% of Statiq’s total revenue, the company’s primary income stream comes from hardware sales, accounting for roughly half of its revenue. Energy sales, facilitated by Statiq’s Charge Point Operator (CPO) business, constitute the remaining significant portion of its revenue.

Strategic Partnerships and Network Expansion

Statiq continues to make strategic moves to solidify its market position. In May 2024, the company partnered with Cube Stop Highway Rest Areas to install charging points along major Indian highways. This initiative adds to Statiq’s existing network of over 7,000 charging stations, with an ambitious goal of reaching 20,000 by 2025. Furthermore, Statiq has collaborated with Tata Passenger Electric Mobility to support the latter’s goal of establishing 10,000 EV charging stations across India by the end of the current fiscal year.

Series B Funding: Fueling the Journey Ahead

The anticipated Series B funding is expected to act as a catalyst for Statiq’s expansion plans. The company is actively pursuing partnerships with additional CPOs, a strategy critical for increasing its market reach and user base. This funding will empower Statiq to solidify its position as a leader in India’s rapidly evolving electric vehicle charging landscape.

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