India's Statiq Raises $18M to Expand EV Charging Network

An Indian startup that's making electric cars easier to charge just landed $18 million to power up the country's green transition.

Statiq, a New Delhi company founded in 2020, raised the funding in a round led by Tenacity Ventures. Y Combinator, Shell Ventures, and RCD Holdings also joined in, betting big on a company that's already proving electric infrastructure can work across India's diverse climate.

The money will help Statiq install 20,000 charging points across India by the end of this year. They're focusing on Tier I and II cities, plus fast chargers along major highways so drivers can actually make long trips without range anxiety.

Co-founder and CEO Akshit Bansal calls it validation of a 20-year mission. He and CTO Raghav Arora built their company on a simple promise: create chargers that work just as reliably in Rajasthan's scorching heat as in Kerala's humidity.

Their business model is smart and scalable. Partners own the charging hardware while Statiq handles all the operations and tech. It's a franchise approach that lets them grow fast without bearing all the upfront costs.

The company survived the sector's recent downturn by obsessing over unit economics and building products that actually work in real conditions. While other startups burned through cash, Statiq stayed focused on the basics.

Now they're ready to export their model. Part of the fresh funding will support pilot programs in the United Arab Emirates, testing whether their India-proven approach works in other markets.

The Ripple Effect

Every new charging point makes electric vehicles more practical for regular people. When drivers know they can reliably charge anywhere, the switch from gas becomes less scary. That means cleaner air in cities, less dependence on imported oil, and real progress on climate goals.

Statiq's expansion also creates local business opportunities through their franchise model. Shop owners and entrepreneurs can become part of the EV revolution while building their own income streams.

Rohit Razdan from Tenacity Ventures sees Statiq as more than just a charging company. He describes them as a "full-stack deep-tech platform" that's building critical infrastructure for India's electric future, powered by software intelligence and purpose-built hardware.

The investment proves that solving real problems with practical solutions still attracts serious money. Statiq didn't need flashy promises, just chargers that work when people need them.

India's electric vehicle market is accelerating, and now it has the infrastructure to match.