Leading electric vehicle (EV) charging network Statiq on Thursday announced a fresh capital infusion of approximately $18 million. The funding round, blending equity and debt, was led by Tenacity Ventures, with key participation from Y Combinator, Shell Ventures, and RCD Holdings.
In a statement, Statiq said that it plans to utilize the funds to aggressively scale up its infrastructure and strengthen its presence across Tier-1 and Tier-2 cities in India. It will deploy the funds to fuel network expansion with more DC fast chargers along key highways, upgrade products for 99.9% uptime to boost EV adoption, and push globally by exporting "Made in India" hardware, building on successful UAE pilots.
“With this capital, we’ll harden our stack for scale; hardware lifecycle management, software-strengthening, telematics, and global systems that let partners build on our innovations,” said Raghav Arora, co-founder & CTO of Statiq. The company was founded in 2020 by Akshit Bansal (CEO) and Arora (CTO).
Rohit Razdan, Managing Director of Tenacity Ventures, said that by integrating software intelligence with purpose-built hardware, they have built a resilient foundation for rapid scale.
“We believe they will become critical infrastructure for India’s electric future. We are proud to join them as co-founders in spirit, helping take their Indian success story to its boldest, global version,” added Razdan.
Statiq is planning to install 20,000 charging points across the country by 2026, catering to the growing demand for daily charging services for e-vehicles.