EV charging startup Statiq raises $25.7 million of funding from Shell Ventures
- ByStartupStory | June 24, 2022
In its Series A round, sponsored by Shell Ventures, electric car charging network company Statiq secured $25.7 million (over Rs 200 crore) for expenditures largely related to product engineering and network infrastructure.
By investing in product engineering, network infrastructure, and strengthening the core team, the firm will leverage the funding to accelerate its attempts to expand and realise value from its contract portfolio, it noted.
Akshit Bansal, co-founder and CEO of Statiq stated, “Securing the first closure of our Series A guarantees to execute on value-enhancing growth possibilities previously secured by Statiq as we set out to develop India’s premier EV charging services firm.” He also added, “Shell and Statiq have the same objective of aggressively promoting the shift to sustainable transportation methods. A significant accomplishment for Statiq is securing Shell Ventures as an investor.”
Statiq recently partnered with Hero Electric and worked with EV manufacturer Ather to improve the integrated EV charging network in northern Indian states. The goal was to establish an end-to-end ecosystem for EV chargers. The company’s procedures will be consolidated when this significant fundraising round is closed.
Raghav Arora, Co-Founder and CTO of Statiq said, “By closely collaborating with Shell group expertise as we develop, Statiq will be able to draw on a wealth of operational excellence and quicken its progress toward quality, safety, and environmental standards that are unparalleled.” “We expect to rapidly build our business with this capital,” he continued, “while continuing to invest further in technology, innovation, and product development.”
Robert Linck, the chief investment officer at Shell Ventures commented, “We think Statiq is on track to dominate the EV charging experience in India thanks to its customer-centred strategy. Our investment in Statiq reflects both our shared desire to hasten the electrification of transportation solutions and our faith in their potential.”
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