Statiq, a prominent Indian electric vehicle (EV) charging network, has successfully secured approximately $18 million in a new funding round. The investment, a combination of equity and debt, was led by Tenacity Ventures with participation from existing investors Y Combinator, Shell Ventures, and RCD Holdings. This capital infusion is earmarked to accelerate the expansion of its charging infrastructure across India and support its entry into international markets.
Strategic Expansion and Network Enhancement
The company plans to strategically deploy the new funds to bolster its domestic presence, particularly in Tier-1 and Tier-2 cities. A key focus will be the installation of more DC fast chargers along major highways to facilitate long-distance EV travel. Statiq also aims to upgrade its network technology to achieve a 99.9% uptime, a critical factor in enhancing user confidence and promoting wider EV adoption.
According to co-founder and CTO Raghav Arora, the capital will be instrumental in hardening the company's technology stack for large-scale operations. This involves significant investments in hardware lifecycle management, software strengthening, and advanced telematics systems. These enhancements are designed to create a robust and scalable platform, allowing partners to build upon Statiq's innovations and support a growing user base.
Global Ambitions and Business Model Innovation
Beyond its domestic goals, Statiq is setting its sights on the global stage, leveraging the new investment to export its "Made in India" hardware. The company has already initiated pilot deployments in the United Arab Emirates (UAE), marking its first step towards international expansion. This move signals Statiq's ambition to transition from a national leader to a significant contender in the global EV charging market.
A core component of Statiq's growth strategy is its Franchise-Owned, Company-Operated (FOCO) model, which the funding will help expand. Under this framework, partners own the charging hardware while Statiq manages all daily operations, ensuring consistent service quality across the network. This asset-light approach enables rapid scaling and has already seen successful launches, such as its first station with SS Group in Gurgaon.
Investor Confidence and Vision
Rohit Razdan, Managing Director of lead investor Tenacity Ventures, expressed strong confidence in Statiq's foundational strength and future potential. He described the company not merely as a charging provider but as a "full-stack deep-tech platform" integrating intelligent software with purpose-built hardware. Razdan affirmed that Tenacity Ventures believes Statiq will become a critical piece of infrastructure for India’s electric future.
Co-founder and CEO Akshit Bansal framed the investment as a "validation of a 20-year mission," highlighting the company's resilience and focus on building a robust product. He emphasized that their deep understanding of diverse Indian operating conditions has prepared them for this next phase of growth. This capital, he noted, empowers Statiq to take its Indian success story to a global audience.
This latest funding round positions Statiq to significantly accelerate its growth trajectory and solidify its market leadership. With plans to install 20,000 charging points across India by 2026, the company is poised to play a pivotal role in the country's transition to electric mobility. The investment not only fuels domestic expansion but also provides the necessary resources for Statiq to pursue its global ambitions and establish a worldwide presence.