EV charging network provider Statiq raises $18M in funding round led by Tenacity Ventures
The company intends to use the newly raised funds to scale its infrastructure and strengthen its presence across Tier I and II cities.
Electric vehicle charging network Statiq on Wednesday raised $18 million in a fresh funding round led by Tenacity Ventures. The round also saw participation from existing investors Y Combinator and Shell Ventures along with RCD Holdings.
The company intends to use the newly raised funds to scale its infrastructure and expand its presence across Tier I and II cities in the country. It will also deploy a portion of the funds to help with expanding DC fast chargers across its networks along key highways. It is also looking to use the capital to help exports to UAE pilots.
Additionally, the investment will also be used to improve hardware lifecycle and advanced telematics for scaling.
“This isn't just a funding announcement; it’s a validation of a 20-year mission,” said Akshit Bansal, Co-Founder & CEO of Statiq. “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.”
The New Delhi-based company was founded in 2020 by Bansal and Raghav Arora, who is currently the CTO at the company. Statiq is planning to install around 20,000 charging points across the country by this year.
The company runs through a franchise-owned, company-operated model whereby partners own the hardware while Statiq manages operations.
"At Tenacity, we don’t just look for companies; we look for gritty founders who are building the backbone of future industries, " said Rohit Razdan, Managing Director of Tenacity Ventures.
“Statiq is not just an EV charging company, but a full-stack deep-tech platform powering the energy transition. By integrating software intelligence with purpose-built hardware, they have built a resilient foundation for rapid scale. 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," he added.