Indian electric vehicle startup Statiq is in advanced talks to raise $15–18 million in a new funding round. The company plans to use this capital to expand its growing network of EV charging stations and improve its mobile app. With the rising adoption of electric vehicles across India, Statiq is aiming to make charging faster, easier, and more accessible for drivers nationwide.
What Is Statiq?
Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq is transforming the way EV owners charge their vehicles. The company offers a user-friendly app that helps drivers locate, reserve, and pay for charging stations in just a few taps. Beyond software, Statiq also designs and operates its own charging hardware. This combination of technology and infrastructure allows the company to provide a seamless experience for EV users. Over the years, Statiq has established a strong presence in key Indian cities, catering to both individual drivers and commercial fleets.
Why the Funding Is Important
The upcoming funding round is expected to attract new and existing investors. The money will support the expansion of Statiq’s charging network and further development of its app. Enhancements will make it easier for users to find available chargers and plan trips efficiently. Despite raising fresh capital, the company’s valuation is expected to remain around $100 million. This shows that investors are confident in Statiq’s long-term potential, even as the company navigates recent financial challenges.
Financial Performance and Challenges
Statiq has faced a difficult financial period. Its revenue declined by 40 percent in FY24, dropping to ₹40.9 crore from ₹67.5 crore in FY23. At the same time, losses more than tripled, reaching ₹44.5 crore in FY25. These figures highlight the challenges the company faces as it works to scale in a competitive market. Building EV charging infrastructure and developing technology are capital-intensive efforts. However, Statiq’s model of combining software solutions with hardware operations positions it well to benefit as the EV industry grows.
Competing and Growing in the EV Space
Statiq operates in a fast-growing but highly competitive sector. Rivals such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC are also vying for market share. To maintain its edge, Statiq is focusing on expanding its network and improving its products. The company plans to install more charging hubs in strategic locations, including malls, highways, and commercial areas. The new funding will accelerate this expansion and improve the reliability of its charging stations. By enhancing accessibility and convenience, Statiq aims to support India’s transition to cleaner and more sustainable transportation.
With India’s EV market gaining momentum, Statiq is positioning itself as a key player. The company’s growth strategy and focus on technology and infrastructure could help it emerge as a leader in the nation’s green mobility landscape.