- Statiq, A EV charging infrastructure startup has raised INR 200 Cr funding in its Series A round.
- Statiq plans to use these funds in product development, network expansion and designing hardware & software to build a large charging network.
- By 2030, the Indian EV market is expected to reach $206 Bn, and the EV charging market will reach $25.5 Bn by 2027.
Statiq, A EV charging infrastructure startup has raised INR 200 Cr funding in its Series A round. The round was led by Shell Ventures. The startup expects to close a debt round worth 50 crores next week.
Statiq was founded by Akshit Bansal and Raghav Arora in 2020 to build a network of electric vehicle charging stations in major cities across India.
Statiq plans to use these funds in product development, network expansion and designing hardware & software to build a large charging network.
According to the press statement, this investment is the largest Series A round in the EV infrastructure space. The startup will be able to accelerate efforts to scale and reap value from its contract portfolio.
With the $25 Mn fund, the Y Combinator-backed startup plans to increase its product engineering team and solidify its core team.
To solve the chicken and egg problem persistent in the EV ecosystem, the company has partnered with owners of public spaces such as hotels, restaurants and malls to install charging stations.
Currently, it has partnered with more than 20 organizations to build charging networks on its premises. Besides offering charging infrastructure to 25K+ four-wheelers, the startup has also provided charging infrastructure to 40K+ two-wheelers.
As per the founders, charging for a two-wheeler costs under INR 50, while for a four-wheeler it takes INR 400 – INR 500 to charge completely. The company makes 70% of its revenue from private charging, which is marketed on billboards.
There are many areas in which the startup works. Residents and commercial areas can charge their bicycles, two-wheelers, and three-wheelers with it. Also, StatIQ offers OEM charging software and enables logistic companies to electrify their fleets through private charging stations. Additionally, it serves as a map-aggregator that links private electric vehicle networks with their users.
By 2030, the Indian EV market is expected to reach $206 Bn, and the EV charging market will reach $25.5 Bn by 2027. Statiq competes in the market with companies such as Kazam and Charge Zone.
Currently, this Delhi-based startup holds a strong position in the region. A charging station has been set up in partnership with the Haryana government and NASSCOM. Currently, the company intends to expand to Tier 1 cities in north India, and then plan to establish operations in Bengaluru, Hyderabad, Mumbai, Pune, and Kolkata.
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