Electric vehicle (EV) charging network operator Statiq is poised to secure approximately $50 million in its upcoming Series B funding round.
The Gurugram-based company is reportedly in discussions with existing investors, including Shell Ventures and Y Combinator, while also entertaining offers from new investors. Statiq has yet to respond to queries from YourStory regarding the funding round.
In its previous funding round in June 2022, Statiq raised $25.7 million, with Shell Ventures joining its cap table. The startup, founded in 2020 by Akshit Bansal and Raghav Arora, has attracted investment from Astir Ventures and Oyster Ventures, among others.
Statiq focuses on establishing charging infrastructure and selling chargers. The company has also developed a mobile application that assists users in locating nearby Statiq charging points as well as those from other operators. This app-based business currently contributes 5-8% to Statiq’s total revenue.
The primary revenue stream for Statiq comes from its hardware business, which accounts for about 50% of its overall revenue, followed by energy sales through its Charge Point Operator (CPO) business.
The company has been actively expanding its charging network. In May, Statiq signed an agreement with Cube Stop Highway Rest Areas to install charging points along Indian highways, augmenting its existing network of 7,000 charging points, which it aims to increase to 20,000 by 2025.
Statiq has also partnered with Tata Passenger Electric Mobility to support the establishment of 10,000 EV charging stations in India by FY25.
The planned Series B funding is expected to further accelerate Statiq’s growth and expansion efforts in the burgeoning EV charging market.
Source: YourStory
