Electric vehicle charging network startup Statiq on Thursday said it has raised USD 25.7 million (over Rs 200 crore) in a funding round led by Shell Ventures. The company will use the Series A funding to primarily invest in product engineering and network infrastructure, Statiq said in a statement.
The Series A investment will aid in accelerating efforts to scale and realise value from contract portfolio, by investing in product engineering and network infrastructure as well as reinforcing the core team, it added. "Securing the first closing of our Series A ensures delivering on value-enhancing growth options already secured by Statiq, as we set out to build India's leading EV charging services company," Statiq Co-Founder and CEO Akshit Bansal said.
He further said, "Shell and Statiq share a vision of actively driving the transformation towards sustainable modes of transport. Gaining Shell Ventures as an investor is a major milestone for Statiq." With an aim to provide an end-to-end ecosystem for EV chargers, Statiq said it has recently teamed up with Hero Electric and also collaborated with EV maker Ather, to enhance the combined EV charging network in the northern states of India.
Closing this important round of funding is the next step to consolidate the company's own processes, the statement said. "Statiq will be able to tap into a wealth of operational excellence, as well as accelerate working towards quality, safety and environmental standards that are second to none by closely cooperating with Shell group experts as we grow," Statiq Co-Founder and CTO Raghav Arora said.
With this funding, he added, "We plan to rapidly scale our business while continuing to invest further in technology, innovation and product development." On its investment in the start-up, Shell Ventures Chief Investment Officer Robert Linck said, "With its consumer-centric approach, we believe Statiq is on-track to lead the EV charging experience in India. Our investment in Statiq stands for our belief in their potential and our shared ambition to accelerate the electrification of mobility solutions."