India’s electric vehicle infrastructure space is heating up, and one of its key players has just added fresh fuel to its growth engine. EV charging startup Statiq has raised $18 million (around Rs 163.2 crore) in a mix of equity and debt funding.
The round was led by Tenacity Ventures, with participation from global investors including Y Combinator, Shell Ventures, and RCD Holdings.
Interestingly, this funding round was first reported as being in the works late last year, and it has now officially closed — signaling strong investor confidence in India’s EV charging opportunity.
A Fresh Capital Boost After a Strong Series A
This is not Statiq’s first major fundraising milestone. Back in mid-2022, the company raised $25.7 million in a Series A round led by Shell Ventures.
With this new $18 million injection, the startup is doubling down on expansion at a time when India’s EV adoption is steadily rising. As electric cars, two-wheelers, and commercial EVs gain traction, charging infrastructure is becoming a critical piece of the puzzle.
The company says the newly raised funds will be used for:
- Expanding charging infrastructure across Tier I and Tier II cities
- Enhancing hardware lifecycle management
- Investing in advanced telematics and technology upgrades
- Strengthening overall network reliability
The focus is clear: scale faster and build smarter.
Building the Backbone of India’s EV Ecosystem
Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq operates at the intersection of hardware and software.
Unlike some players that focus purely on software aggregation, Statiq builds and operates its own EV charging infrastructure while also offering a consumer-facing mobile app.
Hardware-Led Revenue Model
A major chunk of the company’s revenue comes from its hardware segment, which includes:
- EV chargers
- Supporting electrical infrastructure
- Installation and operational services
By controlling the hardware layer, Statiq maintains quality, reliability, and uptime — factors that are critical for EV users.
Consumer App and Network Access
Through its app, users can:
- Locate nearby charging stations
- Book slots in advance
- Access charging services from Statiq’s own network
- Charge via partner networks
The app also allows users to access chargers operated by other providers such as E-Fill, Sunfuel, and GLIDA.
This interoperability increases convenience and helps address one of the biggest concerns among EV users — range anxiety.
10,000 Chargers Across 100 Cities — And Counting
Statiq claims it has installed more than 10,000 chargers across approximately 100 cities in India. Its footprint spans metro hubs and fast-growing Tier II locations.
To accelerate this growth, the company has collaborated with:
- Government bodies
- Automakers
- Hospitality chains
- Commercial property owners
These partnerships allow the startup to strategically place chargers in high-demand locations such as highways, residential complexes, malls, and hotels.
And the growth plan doesn’t stop here.
The company aims to double its installed charger base by the end of 2026. That would mean scaling to over 20,000 chargers — a massive expansion in under two years.
Financing Model to Speed Up Infrastructure Rollout
Infrastructure expansion requires significant capital. To address this challenge, Statiq has partnered with State Bank of India to run a financing program for EV charging stations.
This program enables site owners and partners to access funding support for installing charging stations, reducing upfront capital barriers and accelerating deployment.
By combining investor capital with structured financing, the startup is building a capital-efficient scaling model — something investors are increasingly looking for in hardware-heavy businesses.
Why Investors Are Betting on EV Charging
India’s EV market is at a critical inflection point. With government incentives, rising fuel costs, and growing environmental awareness, electric mobility adoption is steadily increasing.
However, charging infrastructure remains one of the biggest bottlenecks.
Investors backing Statiq are essentially betting on three major trends:
- EV adoption will continue to rise.
- Reliable charging infrastructure will be in high demand.
- Integrated hardware-software players will have stronger long-term economics.
With backing from global names like Y Combinator and Shell Ventures, the company now has both capital and strategic expertise on its side.
Competitive Landscape: A Crowded but Growing Market
The EV charging space in India is becoming increasingly competitive. Statiq competes with well-funded startups such as:
- Charge Zone
- ElectricPe
- Bolt.Earth
- IPEC
Each of these players is aggressively expanding infrastructure, forming partnerships, and raising capital.
But the market is still far from saturated. With EV penetration expected to grow significantly over the next five years, multiple players can coexist — especially those that build strong networks and maintain high uptime.
The Road Ahead: Scaling with Discipline
Raising capital is one thing. Deploying it effectively is another.
Statiq’s strategy appears to focus on:
- Expanding into underserved Tier II cities
- Improving charger reliability and performance
- Strengthening software integration and telematics
- Deepening partnerships with financial institutions and property owners
If executed well, this strategy could position the company as one of the leading EV charging infrastructure providers in India.
A Defining Moment for India’s EV Infrastructure
India’s EV story is no longer limited to vehicle manufacturers. Infrastructure providers are emerging as equally critical players in the ecosystem.
With 10,000 chargers already deployed and ambitious plans to double that number by 2026, Statiq is clearly positioning itself for long-term leadership.
The latest $18 million funding round not only strengthens its balance sheet but also reinforces investor belief that EV charging infrastructure is one of the most important opportunities in India’s clean mobility transition.
As adoption accelerates and competition intensifies, the next two years could define which startups become lasting pillars of India’s EV future.
