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India’s Statiq secures $18m to expand EV charging infrastructure

India’s EV charging network provider Statiq has secured around US$18 million in a funding round led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures, and RCD Holdings.

The company plans to use the funds to expand its infrastructure across Tier-1 and Tier-2 cities, deploy more fast chargers on highways, and upgrade its systems for higher uptime.

Founded in 2020, Statiq has developed proprietary AC/DC fast chargers and a software platform, operating one of India’s largest EV charging networks.

Statiq also aims to export “Made in India” hardware internationally, including pilot projects in the United Arab Emirates.

The company’s FOCO program, launched in partnership with SS Group, enables local entrepreneurs to operate charging stations while Statiq manages operations.

🔗 Source: Statiq

🧠 Food for thought

Implications, context, and why it matters.

Statiq’s expansion strategy uses financing partners plus network aggregation

  • Alongside its AC/DC fast chargers and software platform, Statiq’s app aggregates third-party networks such as E-Fill; Sunfuel; GLIDA, which broadens options for drivers 1.
  • Statiq uses a Franchise-Owned, Company-Operated (FOCO) model backed by the State Bank of India (SBI), India’s largest public-sector bank, through the EV MITRA programme 2.
  • The tie-up lets station partners tap SBI loans for up to 80% of setup costs, so Statiq can expand while using less of its own capital 3.

Statiq’s funding tracks investor focus on unit economics plus operational reliability

  • The round fits a venture trend that rewards strong unit economics (profit per charging site or session) plus reliable operations over rapid expansion 4.
  • Statiq said it worked on unit economics and product performance during the funding slowdown, which made the company more appealing as markets improved 5.
  • A hybrid mix of venture funding plus partner financing for charging-station deployments could serve as a model for other infrastructure-heavy startups 3.
  • By leaning on partner capital, asset-heavy firms can add physical sites with less strain, which may steady growth for deep-tech and infrastructure companies in emerging markets.

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