Statiq, an electric vehicle (EV) charging network, has recently announced that it has received $25.7 million (Rs 200 crore) in Series A funding led by Shell Ventures.
With this venture, Statiq claims it becomes the first company in the Indian EV charging industry to close the largest funding in the initial round. The company believes this Series A investment will aid them in accelerating efforts to scale and realise value from its contract portfolio, by investing in product engineering and network infrastructure as well as reinforcing the core team.
Akshit Bansal, Co-Founder and CEO, Statiq said, “Shell and Statiq share a vision of actively driving the transformation towards sustainable modes of transport. Gaining Shell Ventures as an investor is a major milestone for Statiq.”
The company recently teamed up with Hero Electric and also collaborated with EV maker Ather, to enhance the combined EV charging network in the northern states of India. Closing this important round of funding it says is the next step to consolidating its own processes.