EV charging startup Statiq raises $25.7M

From the list of startups, Statiq is an electric vehicle charging network that has raised $25.7 million which is amounting to around Rs 200 crores in its Series A round. The motive of the funding is to invest the money into product engineering and network infrastructure. The round was backed by Shell Ventures.

Statiq is planning to utilize the fresh funding capital to accelerate its efforts to scale and realize value from the contract portfolio by investing in product engineering and network infrastructure and reinforcing the core team.

The startup is focusing on facilitating an end-to-end ecosystem for EV chargers. Statiq has recently collaborated with Hero Electric and EV maker Ather to enhance the scale of the combined EV charging network in northern Indian states.

Cracking this funding round is the further next step to consolidating the company's processes.

EXECUTIVE OPINION:

"Securing the first closing of our Series A ensures delivering on value-enhancing growth options already secured by Statiq as we set out to build India's leading EV charging services company," mentioned Akshit Bansal, Co-founder and CEO, Statiq.

He added, "Shell and Statiq share a vision of actively driving the transformation towards sustainable modes of transport. Gaining Shell Ventures as an investor is a major milestone for Statiq."

"Statiq will be able to tap into a wealth of operational excellence and accelerate working towards quality, safety, and environmental standards that are second to none by closely cooperating with Shell group experts as we grow," Raghav Arora, Co-founder, and CTO, Statiq, said.

Akshit Bansal added, "We plan to rapidly scale our business while continuing to invest further in technology, innovation, and product development."

Robert Linck, Chief Investment Officer, Shell Ventures, said, "With its consumer-centric approach, we believe Statiq is on track to lead the EV charging experience in India. Our investment in Statiq stands for our belief in their potential and our shared ambition to accelerate the electrification of mobility solutions."

Tags : EV charging startup Statiq, StartupsDekho

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EV charging startup Statiq raises $25.7M

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