The electric vehicle charging network and operator Statiq is to raise around $50 million in its Series B funding round, according to the report. The Gurugram-based startup is talking to its existing investors, including Shell Ventures and Y Combinator, as well as fielding offers from new investors.

Prior to this funding round, the startup has raised $25.7 million in June 2022. At that time, Shell Ventures came to support this startup.

The startup was founded by Akshit Bansal and Raghav Arora in 2020. Among their initial investors the notable ones are Astir Ventures and Oyster Ventures.

Apart from its charging infrastructure and selling chargers, the company has also developed a mobile application that helps users find nearby Statiq charging points as well as those from other operators.

The company is constantly trying to expand their network of charging station by signing up more number of charge point operators (CPOs) on the platform. According to the company report, the mobile app business currently accounts for 5-8% of Statiq's total revenue.

The biggest source of revenue for the startup is its hardware business is its hardware business, which makes up about 50% of its topline, followed by energy sales via its CPO business.

In order to expand its charging network, it signed an agreement with Cube Stop Highway Rest Areas to install charging points along Indian highways, adding to its 7,000-strong charging network, which it plans to increase to 20,000 by 2025.

The startup also collaborated with Tata Passenger Electric Mobility to help support its mission of setting up 10,000 EV charging stations in India by FY25.