Homegrown electric vehicle (EV) charging network provider Statiq on Thursday said it has received $25.7 million in a Series A funding led by Shell Ventures.
The company will use the funds to invest in product engineering and network infrastructure as well as reinforcing the core team.
"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, Statiq.
Founded in 2019 by Bansal and Raghav Arora, Statiq aims to provide an end-to-end service for EV charging solutions for landowners, EV users and vehicle manufacturers.
"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.
Statiq recently teamed up with Hero Electric and also collaborated with EV maker Ather to enhance the combined EV charging network in the country.
"With its consumer-centric approach, we believe Statiq is on-track to lead the EV charging experience in India," said Robert Linck, Chief Investment Officer, Shell Ventures.