Thao Lam La · · 2 min readY Combinator-backed Indian EV charging firm nets $25.7m in series A
Statiq, an India-based startup focused on electric vehicle (EV) charging infrastructure, has raised US$25.7 million in a series A round led by Shell Ventures.
Statiq team / Photo credit: Statiq
Founded in 2019 by Akshit Bansal and Raghav Arora, Statiq allows users to find and book EV charging locations through a mobile app. It also enables property owners to manage chargers and earn extra income by putting up one of the startup’s charging stations in their location.
The company’s network consists of both car and bike chargers, which are located at parking zones within office buildings, shopping malls, residential apartments, restaurants, and hotels, among others. To date, Statiq has installed over 150 stations across India and powered more than 2,000 charging sessions.
The startup said it plans to use the fresh capital to invest in product engineering and network infrastructure, as well as to reinforce its core team.
Statiq was part of Y Combinator’s summer cohort in 2020, where it raised US$150,000 in seed funding.
See also: SEA tech companies’ efforts into net zero
The Indian government aims to become a 100% EV nation by 2030. If it achieves this goal, the country’s EV market will be worth US$206 billion in the coming decade, according to a study. Meanwhile, the global EV charger market is projected to reach US$25.5 billion by 2027 with a compound annual growth rate of 26.8%.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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