In a move that could reshape India’s EV landscape, Statiq plans to raise $15-18 million in Funding to accelerate its EV charging network expansion. Sources reveal the startup is in advanced talks with new and existing investors, aiming to strengthen its foothold in the fast-growing electric vehicle sector. While earlier plans hinted at a much larger round, the revised funding now focuses on strategic growth. Could this be the game-changer India’s EV market has been waiting for?
About Statiq
Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq builds and operates EV charging infrastructure and runs a consumer app that helps users locate and book charging points across India. The company offers a mix of hardware and software-led services, with its hardware segment, including chargers and related infrastructure, contributing the majority of its revenue.
Statiq also runs a financing program for EV charging stations in partnership with the State Bank of India, aiming to accelerate the rollout of charging infrastructure nationwide. The startup operates both AC and DC chargers and collaborates with property owners, logistics companies, and OEMs to expand its network.
Funding History and Valuation
Statiq last raised $25.7 million in a Series A round in mid-2022, led by Shell Ventures, alongside participation from Y Combinator. The company had previously explored a $50 million Series B, but the round did not materialize at that scale.
According to sources, Statiq’s valuation in the upcoming Series B is expected to remain flat at around $100 million post-money. The flat valuation comes in the context of a challenging financial performance, with revenues declining 40% year-on-year to ₹40.9 crore in FY24, and losses tripling to ₹44.52 crore in FY25. The FY25 numbers have not yet been disclosed.
Market Context and Competition
India’s EV charging sector is witnessing rapid growth, fueled by government incentives and rising EV adoption, but competition is intense, and profitability remains a challenge. Statiq faces stiff competition from other well-funded players such as Charge Zone, ElectricPe, and Bolt. Earth, Tata Power, and IPEC. Challenges such as pricing pressures, compatibility issues between charging systems, and high operational costs have affected margins for several startups in the space.
Despite these hurdles, the Indian EV charging market is projected to grow at a CAGR of 27.67% between 2025 and 2030, signaling long-term opportunities for players like Statiq. The startup has ambitious plans to reach 20,000 charging points by the end of 2025, positioning itself as a key player in the country’s EV ecosystem. If you are interested in buying a genuine electric vehicle charger, then click on the image below;
Looking Ahead
With the upcoming Series B funding, Statiq aims to strengthen its network, enhance product offerings, and scale its operations to capture a larger share of the Indian EV charging market. While the terms of the deal may still evolve, the infusion of capital is expected to provide the company with the resources needed to navigate a competitive landscape and continue driving EV adoption in India.
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