[Funding alert] EV charging startup Statiq raises $25.7M led by Shell Ventures
EV charging startup Statiq will use the funds to scale and realise value from the contract portfolio by investing in product engineering and network infrastructure and reinforcing the core team.
Electric vehicle charging network startuphas raised $25.7 million (over Rs 200 crore) in its Series A round led by Shell Ventures to primarily invest in product engineering and network infrastructure.
The startup will use the investment to accelerate its efforts to scale and realise value from contract portfolio by investing in product engineering and network infrastructure and reinforcing the core team, it added.
"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," Akshit Bansal, Co-founder and CEO, Statiq, said.
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."
To provide an end-to-end ecosystem for EV chargers, Statiq recently teamed up with Hero Electric and collaborated with EV maker Ather to enhance the combined EV charging network in northern Indian states.
Closing this important funding round is the next step to consolidating the company's processes, the statement said.
"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.
With this funding, he added, "We plan to rapidly scale our business while continuing to invest further in technology, innovation, and product development."
On its investment in the startup, 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."
Edited by Suman Singh