Statiq, an electric vehicle charging network provider, has raised approximately $18 million in a new funding round, which was a mix of both equity and debt. The capital inflow is led by Tenacity Ventures with a significant presence of both current and new investors such as Y Combinator, Shell Ventures, and RCD Holdings.

The investment comes at a pivotal point in the industry sector of electric vehicle infrastructure in India, which has been going through a hard time in the recent past due to a massive disincentive for funding.

Primary objective and innovative business models

The primary objective for this new capital is the intensive development of the charging network of Statiq throughout the country. The company also plans to use the capital to enhance its presence in Tier-1 and Tier-2 cities, where people will have access to charging facilities in a way that will match the increased use of electric cars. The major part of the investment is devoted to the deployment of more DC fast chargers along the major highways, which is the necessary outcome of the necessity to have a quick-charging solution when getting to the distance.

Statiq is focusing on the stability of its network. To improve performance, the company has declared that it will invest in hardware upgrades and improved telematics systems. The target of 99.9% uptime in its charging stations is targeted by these initiatives. The company aims to deliver a smooth and reliable user experience to EV owners throughout the country by establishing a long lifespan of hardware and software integration.

The funding will also enable the expansion of Statiq Franchise-Owned, Company-Operated (FOCO) business model in addition to physical infrastructures. The partners can invest in the charging hardware and leave the end-to-end operations and maintenance to Statiq in this program. This joint strategy has lately been emphasized by opening up a new branch in Gurgaon with the SS Group. Through franchise investments, the company is able to expand its network at a faster rate with no compromise on the quality of services.

Other than the Indian market, Statiq is gearing up to become a global player. The firm has indicated its plans to venture into international markets, based on its productive pilot projects in the United Arab Emirates. This international approach will consist of the export of its locally developed hardware and software solutions to other global destinations and will show the scalability of its full-stack technology platform.

Commitment to sustainability

Statiq was founded in 2020 by Akshit Bansal and Raghav Arora and has concentrated on creating a full ecosystem, which includes proprietary AC and DC chargers with integrated special software. The company has concentrated on unit economics and product performance during the recent industry-wide funding crunch. This disciplined strategy enabled the startup to get through the market downturn and set itself up for this major growth phase.

Conclusion

The successful $18 million funding round is a turning point in the life of Statiq and the Indian EV ecosystem at large. Having achieved a balance of both equity and debt, the company has been able to guarantee that it has the financial soft power to explore infrastructure expansion and technological advancement. Statiq has the support of some of the prominent investors, such as Tenacity Ventures and Shell Ventures; hence, once it becomes a global player, it will become easier to help people in India and other regions of the world shift to electric mobility.