EV Charging Network Statiq Raises $18 Million
EV charging network Statiq raised $18 million in a new funding round led by Tenacity Ventures. The company stated the capital will be used to expand its network across India, signaling continued investor interest in scalable, infrastructure-focused startups.
- This funding round follows a $25.7 million Series A in June 2022, which was led by Shell Ventures. Prior to that, the Gurugram-based startup, founded in 2020 by Akshit Bansal and Raghav Arora, had raised seed funding from Y Combinator. - As of early 2026, Statiq operates one of India's largest EV charging networks, with over 10,000 charging points in more than 100 cities. The company has a stated goal of expanding its network to over 20,000 chargers. - The company holds a significant position in the Indian market, commanding a 22% market share in the public charging space. - A key part of Statiq's strategy involves partnerships with major corporations and government bodies. They have active collaborations with Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL), and automakers like BMW Group India to establish charging corridors along major highways. - The new capital is earmarked for installing more DC fast chargers, improving network uptime to a target of 99.9%, and expanding its hardware exports, with pilot programs already active in the UAE. - Statiq is also scaling its "Franchise-Owned, Company-Operated" (FOCO) model, where partners own the charging hardware and Statiq manages the daily operations, to accelerate its network growth with an asset-light approach. - Lead investor Tenacity Ventures, founded in 2021, is a Mumbai-based early-growth investment firm that focuses on deep technology companies, primarily at the Series B stage. Its portfolio includes other notable Indian startups like Purplle and Pristyn Care.
