Statiq, one of the country’s largest electric vehicle charging networks, has raised approximately $18 million in a funding round combining equity and debt. The round was led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures, and RCD Holdings.
The raise comes at a time when India’s EV infrastructure sector is emerging from what founders have described as a prolonged “capital winter,” marked by tighter funding conditions and greater scrutiny on execution.
Shift from hype to execution
Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq operates a full-stack EV charging model combining proprietary AC/DC hardware with integrated software management.
The company positions itself as an infrastructure operator rather than a marketplace aggregator, focusing on:
- Fast-charging network deployment
- Hardware lifecycle optimization
- Software-based uptime monitoring
- Telematics integration
Recent funding suggests that investors are prioritizing infrastructure players with demonstrable unit economics and operational scale.
Infrastructure expansion plans
Statiq plans to deploy the fresh capital toward:
- Expanding DC fast chargers along major highways
- Strengthening Tier-1 and Tier-2 city presence
- Enhancing uptime toward a 99.9% reliability benchmark
- Scaling advanced hardware and software systems
The company also aims to build on pilot operations in the UAE as part of early international expansion efforts.
India’s EV adoption remains in growth mode, but charging infrastructure density continues to be a constraint, particularly outside metropolitan hubs.
FOCO model and local partnerships
Statiq has launched a Franchise-Owned, Company-Operated (FOCO) model, enabling partners to own hardware while the company manages operations and network integration.
The approach aims to:
- Reduce capital intensity for rapid expansion
- Empower local entrepreneurs
- Maintain operational consistency
FOCO models are increasingly common in capital-intensive infrastructure sectors seeking faster geographic coverage.
Competitive EV charging landscape
India’s EV charging ecosystem includes:
- Independent network operators
- Oil marketing companies entering EV charging
- Automaker-backed charging initiatives
- State-supported public charging infrastructure
Differentiation often hinges on network reliability, app integration, and charger uptime.
Statiq reports coverage across more than 100 cities with over 10,000 charging points across AC and DC formats, including interoperability through its mobile application with other providers.
Deep-tech investment thesis
Tenacity Ventures’ participation reflects a broader investor shift toward deep-tech and infrastructure-backed climate solutions.
EV charging requires:
- Hardware engineering
- Grid coordination
- Site acquisition strategy
- Software intelligence for load balancing
Blending hardware and software capabilities may improve resilience in a sector prone to capital cycles.
Market timing
India’s EV market has accelerated with:
- New electric two-wheeler and four-wheeler launches
- Policy incentives at central and state levels
- Corporate fleet electrification
However, charging availability remains uneven.
Network expansion could directly influence EV adoption rates.
Long-term outlook
Statiq aims to install 20,000 charging points nationwide by 2026.
Achieving that target will require sustained capital access, operational discipline, and grid coordination.
The $18 million raise signals renewed investor confidence in EV infrastructure fundamentals after a cautious funding period.
As India’s energy transition gathers pace, charging networks are becoming critical public infrastructure rather than speculative growth plays.
For Statiq, the next phase will test scalability beyond early-market momentum.
In clean mobility, infrastructure defines adoption.
And capital appears to be returning where execution has proven durable.
