Electric vehicle charging network startup Statiq has raised USD 25.7 million from Shell Ventures, the investment wing of Shell. The company will use the Series A funding to primarily invest in product engineering and network infrastructure. Prior to this, the company led by Raghav Arora and Akshit Bansal had raised USD 2.45 million in seed rounds back in 2020.
“Shell and Statiq share a vision of actively driving the transformation towards sustainable modes of transport. Gaining Shell Ventures as investor is a major milestone for Statiq. We see it as a badge of honor for the hard work our rapidly expanding team has put in in the past and a vote of trust for our very ambitious future plans. Securing the first Closing of our Series A ensures delivering on value-enhancing growth options already secured by Statiq, as we set out to build India’s leading EV charging services company.” said Akshit Bansal, co-founder and CEO of Statiq.
“Statiq will be able to tap into a wealth of operational excellence, as well as accelerate working towards quality, safety and environmental standards that are second to none by closely cooperating with Shell group experts as we grow. With this funding, we plan to rapidly scale our business while continuing to invest further in technology, innovation and product development” said Raghav Arora, co-founder and CTO of Statiq.
Mr. Sanjay Varkey, Director Shell Mobility India said, “We are extremely pleased to be partnering with Statiq on their e-mobility journey. As India’s EV ecosystem rapidly evolves, Shell aspires to play a strong role in enabling the Indian e-mobility landscape to meet a wide variety of customer needs. We look forward to working with Statiq on further developing our partnership to focus on operational excellence, safety standards, seamless digital user experience and a truly differentiated customer experience.”
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