(Left to Right) Mr. Raghav Arora, Co- Founder & CTO, Statiq Mr. Akshit Bansal, Co-Founder & CEO, Statiq.EV charging network provider Statiq has raised $18 million led by Tenacity Ventures.
The fresh funding round, which was a mix of equity and debt, also witnessed participation from Y Combinator, Shell Ventures, and RCD Holdings.
Founded in 2020 by Akshit Bansal and Raghav Arora, the firm provides a full-stack EV charging platform, combining proprietary AC and DC fast chargers with integrated software.
The investment comes at a time where the country’s EV infrastructure sector has been seeing a prolonged funding slowdown.
“We’ve seen the highs and lows of the sector, but our focus remained on the ground, literally. We survived the downturn by executing on unit economics and building a product that works as well in the heat of Rajasthan as it does in the humidity of Kerala. This capital allows us to move from being a leader in India to a contender on the global stage,” said Akshit Bansal, co-founder & CEO of Statiq.
The startup plans to allocate the capital toward expanding its charging infrastructure across Tier-1 and Tier-2 cities.
The company said it will add more DC fast chargers along key highways, upgrade its systems to target 99.9 per cent uptime, and expand globally by exporting homegrown hardware, building on its pilot operations in the UAE.
“At Tenacity, we look for gritty founders who are building the backbone of future industries. We believe they will become critical infrastructure for India’s electric future. We are proud to join them as co-founders in spirit, helping take their Indian success story to its boldest, global version,” said Rohit Razdan, managing director of Tenacity Ventures.
At present, the company has partnerships with government bodies, automakers, and hospitality clients across more than 100 cities, covering over 10,000 AC and DC chargers.
The company plans to install 20,000 charging points nationwide by the end of this year.
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