EV charging network operator Statiq secures USD 18-million funding

Mumbai, Feb 18 (PTI) Electric vehicle charging network operator Statiq on Wednesday said it has secured around USD 18-million funding in a combination of debt and equity led by Tenacity Ventures, with key participation from Y Combinator, Shell Ventures, and RCD Holdings.

The company said it plans to utilise the fresh capital for aggressively scaling up the infrastructure and strengthening its presence across tier-1 and tier-2 cities, besides fueling network expansion with more DC fast chargers along key highways, upgrading products for 99.9 per cent uptime to boost EV adoption, and pushing globally by exporting "Made in India" hardware, building on successful UAE pilots.

The investment will also power hardware lifecycle improvements and advanced telematics for seamless scaling, it said.

Founded in 2020 by Akshit Bansal (CEO) and Raghav Arora (CTO), Statiq has built a "full-stack" solution, proprietary AC/DC fast chargers paired with seamless software, powering one of India's largest networks.

"We survived the downturn by executing on unit economics and building a product that works as well in the heat of Rajasthan as it does in the humidity of Kerala. This capital allows us to move from being a leader in India to a contender on the global stage," said Bansal.

The fundraising comes amid India's EV ecosystem, emerging from a tough "capital winter" that challenged many infrastructure players, the company said.

"Our product roadmap has always been customer-first. With this capital, we'll harden our stack for scale; hardware lifecycle management, software strengthening, telematics, and global systems that let partners build on our innovations," said Arora.

Led by Rohit Razdan, Tenacity Ventures focuses on early-growth stages and looks for "IPO-scale" potential in founders solving real-world problems.

The entry of Tenacity Ventures as the lead investor underscores the shift toward "long-term, deep-tech" investing, Statiq said. PTI IAS MR