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• Statiq plans to raise $15-18 million from new and existing investors.
• Funds will be used to expand EV charging infrastructure and enhance products.
• Startup faces competition from Charge Zone, ElectricPe, Bolt.Earth, and IPEC.

EV charging startup Statiq is in advanced discussions to raise $15-18 million in its upcoming funding round, according to sources familiar with the matter. The round will include participation from both new and existing investors, with a new institutional investor expected to lead.

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq operates an EV charging network and offers a consumer app to locate and book charging stations. The company previously raised $25.7 million in a Series A round led by Shell Ventures in 2022. While Statiq had explored a larger $50 million Series B last year, it now appears to have opted for a smaller, more focused round.

The startup generates most of its revenue from hardware sales, including chargers and related infrastructure, while also providing software-led services. Statiq has partnered with the State Bank of India to offer financing for EV charging stations, accelerating its network growth.

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Sources indicate that the company’s valuation will remain around $100 million post-money. Statiq saw revenue from operations drop 40% to Rs 40.9 crore in FY24, while losses grew over threefold to Rs 44.52 crore in FY25. Despite this, the fresh capital is expected to help expand its charging network and improve its product offerings.

The EV charging market in India is highly competitive, with startups like Charge Zone, ElectricPe, Bolt.Earth, and IPEC vying for market share. The terms of Statiq’s funding round could still change before finalization.