Statiq to Raise $50M in Series B Funding Round: Sources

Electric vehicle charging network and operator Statiq is set to raise around $50 million in its Series B funding round, according to YourStory. The Gurugram-based company is in discussions with its existing investors, including Shell Ventures and Y Combinator, while also considering offers from new investors, a source said.

The startup last raised $25.7 million in June 2022, during which Shell Ventures joined its cap table. Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq also counts Astir Ventures and Oyster Ventures among its investors.

Statiq has been making significant strides in the EV charging space, focusing on establishing robust charging infrastructure and selling chargers. The company has developed a mobile application that helps users find nearby Statiq charging points as well as those from other operators. The mobile app business currently accounts for 5-8% of Statiq’s total revenue, according to the company. Its biggest revenue stream is its hardware business, which makes up about 50% of its topline, followed by energy sales via its Charge Point Operator (CPO) business.

In May, Statiq signed an agreement with Cube Stop Highway Rest Areas to install charging points along Indian highways, adding to its existing 7,000-strong charging network, which it plans to increase to 20,000 by 2025. Additionally, the company has teamed up with Tata Passenger Electric Mobility to support its mission of setting up 10,000 EV charging stations in India by FY25.

The ongoing Series B round is expected to provide the necessary capital to accelerate Statiq’s expansion plans. The company is putting substantial efforts into signing up more CPOs on the platform, a crucial step towards enhancing its market presence and user base.