Statiq Raises $18 Million to Expand EV Charging Network

India’s EV charging network Statiq has raised approximately $18 million in a new funding round led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures, and RCD Holdings. The equity-and-debt raise signals renewed investor confidence in India’s green mobility sector following a challenging funding phase for infrastructure startups

The investment comes at a pivotal time as India’s EV ecosystem emerges from a challenging “capital winter” that tested infrastructure players. Statiq’s funding is widely seen as a strong signal of a shift from hype-driven growth to execution-led expansion within the sector.

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq has built a full-stack EV charging solution combining proprietary AC/DC fast chargers with integrated software. The company now operates one of the country’s largest EV charging networks.

Bansal stated that the company remained focused on unit economics and ground-level execution during the downturn, adding that the new capital will support its transition from an India-focused leader to a global contender.

According to the company, the funds will be used to strengthen hardware lifecycle management, upgrade software capabilities, and enhance telematics and global scalability. Statiq noted that its chargers are engineered to perform reliably across diverse climatic conditions, from the extreme heat of Rajasthan to the humid environment of Kerala.

Rohit Razdan, Managing Director at Tenacity Ventures, said the company has the potential to become critical infrastructure for the clean energy transition and reflects growing long-term conviction in deep-tech innovation.

Statiq plans to deploy the capital to expand its network across Tier-1 and Tier-2 cities, install more DC fast chargers along major highways, and achieve 99.9% uptime across its infrastructure. The company is also pursuing international expansion by exporting “Made in India” charging hardware, building on successful pilot deployments in the UAE.

Additionally, Statiq is scaling its FOCO (Franchise-Owned, Company-Operated) model to empower local entrepreneurs. The initiative was launched with a charging station developed in partnership with SS Group in Gurgaon, where partners own the hardware while operations are managed by the company.

Industry observers say the participation of global investors signals renewed capital flow into renewable energy and EV infrastructure, positioning Statiq as a key player in India’s ongoing energy transition.