Statiq to raise $15 to 18 million for business expansion

Statiq, an electric vehicle charging network company, is seeking to raise $15 to 18 million in funding from new and current investors, citing two officials from the company, Entracker reported. 

The anonymous person said, “Statiq was earlier exploring a much larger round, but the company has now decided to settle for a smaller cheque in the range of $15–18 million.” 

Meanwhile, the other person added, “A new institutional investor is likely to lead the round, with participation from other new and existing investors,” report by Entracker. 

As per the report, Akshit Bansal and Raghav Arora founded Statiq in 2020. The company develops and manages EV charging infrastructure and offers a consumer app for finding and scheduling charging stations. In mid-2022, the business raised $25.7 million in a Series A financing funded by Shell Ventures.

Later, the firm was reported to be trying to raise $50 million in a Series B funding round; however, the deal was manifested into scale. 

The report, citing a source, added that in the Series B round, Statiq's post-money valuation of about $100 million will not change. Given that Statiq's Indian subsidiary, Sharify Services Pvt Ltd, suffered a 40% year-over-year drop in operating revenue to Rs 40.9 crore in FY24 from Rs 67.53 crore in FY23, the flat valuation is not shocking. Concurrently, the company's losses in FY25 increased by 3.1X to Rs 44.52 crore.

“The company is likely to deploy the fresh capital toward network expansion and product development to strengthen its position in the EV charging space,” citing the source, Entracker reported.