EV charging network startup Statiq is said to be in the final negotiation phase of a new financing round with a goal of raising funds between $15-$18 million. The financing will be through new and existing investors, as indicated by two people privy to the potential deal. This capital inflow is essential to the start-up because it is seeking to escalate its footprint and increase its coverage in the ever-competitive electric vehicle (EV) charging ecosystem.

Previous funding and financial disclosures

Akshit Bansal and Raghav Arora established Statiq in 2020. The basic business model of the startup consists of the construction and management of an extensive EV charging infrastructure. This physical network is supplemented with a consumer app that ensures that users can easily find and reserve charging points that offer a complete stack to EV users.

According to sources, Statiq was originally in the process of raising a much bigger round. The company has, however, chosen to pay less, namely within the 15-18 million band. This is a new institutional investor who is likely to spearhead this Series B round, and other new and existing investors should also take part.

It is expected that the valuation of Statiq will not increase in this forthcoming Series B round and will stick to approximately $100 million post-money. This valuation is flat against the backdrop of recent financial disclosures of the Indian entity of the company, Sharify Services Pvt Ltd. The year-on-year decline in the revenue earned by the company through operations was 40% in FY24, falling to ₹40.9 crore from ₹67.53 crore in FY23. Its losses also substantially increased, growing 3.1 times to ₹44.52 crore in FY25, although these FY25 figures are not officially announced yet.

It was the last time the company successfully raised a large Series A round, which occurred in mid-2022 with the amount of $25.7 million. Shell Ventures led this important round. After this, the company was said to be in negotiations for a larger round of Series B of up to $50 million last year, but the round never came in at the reported level.

Data Source: Entrackr  

Development and operational strategy

The service that Statiq offers is a combination of hardware and software. Its hardware business, comprising the physical chargers and other related infrastructure, is the source of the largest percentage of revenue of the company. It implies that the strategic service of the business is the implementation and management of the key charging facility.

In addition to its basic charging business, Statiq has been actively engaged in supporting infrastructure growth by strategic financial investments. The startup has a financing program that targets EV charging stations, and it manages it with the State Bank of India.

The new capital, when raised, is projected to be used strategically to spur more growth and expansion. One source suggests that Statiq will use the new funds to cover two major areas, namely network expansion and product development.

The first objective will be Network Expansion, which will see the company expand its physical presence by adding more charging points and stations to make them more accessible to EV owners. Product Development, capital will also be allocated to the enhancement and technological advancement of the company and the boost of its competitive advantage in the speedily changing EV charging ecosystem.

Statiq is in the active EV charging infrastructure market in India and has to compete with several well-invested and mature startups. The main competitors in this area are Charge Zone, ElectricPe, Bolt.Earth and IPEC. Statiq must invest in its market share through the necessary constant network expansion and technological advancement through funding such as the one in progress, and protect its own share against them.

Conclusion

EV charging startup Statiq is actively negotiating to raise new capital in the range of $15-$18 million in a new financing round to support its network-building and product development initiative. Although the valuation of the company is expected not to grow, but rather to stay flat at a post-money valuation of approximately $100 million, due to the recent drop in operating revenue in FY24 and higher losses in FY25, this inflow of capital is critical.