Bangalore EV Startup Statiq Raises $18M
Statiq, a Bangalore-headquartered company, has secured $18 million in a mix of equity and debt funding led by Tenaya Capital. The capital will be used to expand its electric vehicle charging network. The company utilizes a platform approach that includes developer APIs for third-party integrations, highlighting the maturity of Indian infrastructure startups.
- The company was founded in 2019 by childhood friends Akshit Bansal (CEO) and Raghav Arora (CTO). Bansal has a background in electrical engineering, while Arora worked as a software engineer and data scientist, and they developed the initial app and charger prototypes from Bansal's home. - Prior to this $18M round, Statiq participated in Y Combinator's S20 batch and raised a seed round of approximately $1.8M in 2020. This was followed by a significant $25.7 million Series A in June 2022, which was led by Shell Ventures. - Statiq's business model is a mix of hardware and software. Currently, hardware sales of their in-house designed chargers account for 50-70% of revenue. The company anticipates this will shift toward recurring revenue from software and energy sales as the charging infrastructure matures. - The platform approach for developers and businesses includes a Charging Station Management System (CSMS) and a whitelabel solution, enabling third parties to integrate with their network. They also partner with property owners for revenue-sharing arrangements to expand their public charging network. - The company has installed over 7,000 chargers and aims to expand its network to 20,000 by 2025. This expansion is supported by partnerships with major entities like Hindustan Petroleum (HPCL) and Tata Passenger Electric Mobility. - Statiq operates in a rapidly growing Indian EV charging market, which is projected to reach over $10 billion by 2032. Key competitors include major players like Tata Power EZ Charge, Jio-bp Pulse, and Charge Zone.
