Mumbai, February 18 Electric vehicle charging network operator Statiq announced on Wednesday that it has secured approximately $18 million in funding, a combination of debt and equity led by Tenacity Ventures, with key participation from Y Combinator, Shell Ventures, and RCD Holdings.
The company plans to use the fresh capital to aggressively scale up its infrastructure and strengthen its presence in tier-1 and tier-2 cities, as well as to expand its network with more DC fast chargers along major highways, upgrade products to achieve 99.9% uptime to boost EV adoption, and to expand globally by exporting "Made in India" hardware, building on successful UAE pilots.
The investment will also support improvements in hardware lifecycle management and advanced telematics for seamless scaling, the company said.
Founded in 2020 by Akshit Bansal (CEO) and Raghav Arora (CTO), Statiq has developed a "full-stack" solution, including proprietary AC/DC fast chargers paired with seamless software, powering one of India's largest networks.
"We overcame the downturn by focusing on unit economics and developing a product that works effectively in both the hot climate of Rajasthan and the humid conditions of Kerala. This funding will allow us to transition from being a leader in India to a contender on the global stage," said Bansal.
The fundraising comes at a time when India's EV ecosystem is emerging from a challenging "capital winter" that has presented difficulties for many infrastructure players, the company said.
"Our product roadmap has always been customer-centric. With this funding, we will strengthen our infrastructure for scale, including hardware lifecycle management, software enhancement, telematics, and global systems that allow partners to build on our innovations," said Arora.
Led by Rohit Razdan, Tenacity Ventures focuses on early-growth stages and looks for "IPO-scale" potential in founders solving real-world problems.
The entry of Tenacity Ventures as the lead investor underscores the shift toward "long-term, deep-tech" investing, Statiq said.
