Statiq, the electric vehicle charging network and operator, is reportedly on the cusp of closing its Series B funding at $50 million. The Gurugram-based startup is currently in talks with current investors such as Shell Ventures and Y Combinator and is also open to new offers.
Journey of Statiq
Statiq was launched in 2020 by Akshit Bansal and Raghav Arora, and it has been quite active in the EV charging business. In June 2022, the company launched a $25.7 million that was raised in a funding round headed by Shell Ventures.
It utilizes charging as a tool for marketing electric energy and allowing users to search for Statiq charging points and those of other operators in the vicinity, incorporating affiliation with more CPOs as part of its strategic plan. Currently, its mobile app business falls between 5-8% of the company’s total revenues; its hardware business contributes 50% of the total revenues.
Plan to increase the charging network
Statiq has 7,000 charging points at the moment but plans to have 20,000 by 2025. Partnering with organizations such as Cube Stop Highway Rest Areas and Tata Passenger Electric Mobility proves this in its pursuit of expanding the charging stations for EVs in India.
Statiq has deployed over 7,000 AC & DC charging points in more than 60 cities across India. This broad network assists in sharing demand and thus preventing traffic at certain hours or days. Many of the Statiq public charging stations come with fast-charging solutions, and the consumer can charge the battery quickly when they are in a hurry. Users can find available charging stations, check the availability at the current time, and reserve their slots through the Statiq mobile application.
Statiq’s competitive advantage in the EV charging market
Statiq is one of the pioneers of the EV charging market and has a few significant advantages. A first-of-its-kind solution that addresses the need of unifying all data related to the EV within the Statiq app in real-time. Subscribers no longer require several OEM apps.
Integrated in-house development proves to be beneficial for Statiq. They are also interested in having full control over the ecosystem and the development of new services and interface design.
Statiq’s app is 150% more responsive than its competitors, which, in turn, increases user satisfaction. Architecting with AWS associates in Silicon Valley helps validate software architecture and improve the level of reliability and efficiency.
Conclusion
Statiq’s focus on the customer, advanced technologies, and partnerships make it well-equipped for the EV charging environment. At a certain time of the day or in certain areas, finding an empty slot for parking at publicly accessible EV charging stations may be challenging, meaning that one has to wait.
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