Statiq Company Profile

Background

Company Overview

Statiq, founded in 2019 by Akshit Bansal and Raghav Arora, is a leading provider of electric vehicle (EV) charging solutions in India. The company aims to accelerate the adoption of electric mobility by developing a comprehensive and accessible EV charging infrastructure. Statiq's mission is to create a sustainable and efficient charging network that supports the growing number of EV users across the country.

Industry Significance

As India's EV market experiences rapid growth, with annual sales expected to reach 10 million units by 2030, the demand for reliable charging infrastructure has become increasingly critical. Statiq addresses this need by offering scalable hardware and software solutions, positioning itself as a key player in the nation's transition to electric mobility.

Key Strategic Focus

Core Objectives

• Infrastructure Expansion: Rapidly deploy EV charging stations across urban centers, highways, and tier-2 cities to ensure widespread accessibility.

• Technological Integration: Develop and implement smart charging solutions that enhance user experience and operational efficiency.

• Partnership Development: Collaborate with automotive manufacturers, property owners, and other stakeholders to create a cohesive EV ecosystem.

Areas of Specialization

• Hardware Solutions: Design and manufacture a range of AC and DC chargers catering to various EV categories.

• Software Platforms: Offer a user-friendly mobile application that enables EV owners to locate, pre-book, and pay for charging sessions seamlessly.

Key Technologies Utilized

• Internet of Things (IoT): Integrate IoT capabilities into charging stations for real-time monitoring and management.

• Data Analytics: Utilize data-driven insights to optimize charging station placement and performance.

Primary Markets Targeted

• Urban Centers: Focus on densely populated cities with high EV adoption rates.

• Highways and Tourist Destinations: Establish charging stations along major travel routes to support long-distance EV travel.

Financials and Funding

Funding History

• Seed Funding (August 2020): Raised $1.8 million from Y Combinator, providing initial capital to scale operations.

• Series A (June 2022): Secured $25.7 million led by Shell Ventures, with participation from Astir Ventures, VentureSouq, and Oyster Ventures.

• Series B (Expected 2024): In discussions to raise approximately $50 million, engaging existing and new investors.

Utilization of Capital

• Infrastructure Development: Expand the charging network to 20,000 stations by the end of 2025.

• Technological Advancements: Enhance software platforms and develop new hardware solutions.

• Market Penetration: Increase presence in tier-2 cities and along highways to support broader EV adoption.

Pipeline Development

Key Developments

• NECTAR 7.4kW AC Charger: Launched a compact and efficient charger tailored for Indian consumers, marking entry into the direct-to-consumer market.

• StatiqConnect: Introduced a feature providing real-time insights into charging data and driving range, enhancing user experience.

Target Conditions

• Urban Accessibility: Ensure EV users in cities have convenient access to charging stations.

• Long-Distance Travel Support: Facilitate EV travel across highways and to tourist destinations.

Timelines for Milestones

• 2025: Achieve deployment of 20,000 charging stations nationwide.

• Ongoing: Continuous enhancement of software features and hardware offerings to meet evolving market demands.

Technological Platform and Innovation

Proprietary Technologies

• In-House Charger Design: Develop a range of AC and DC chargers, including the NECTAR 7.4kW AC charger, designed to meet diverse consumer needs.

Significant Scientific Methods

• IoT Integration: Implement IoT solutions for real-time monitoring and management of charging stations.

• Data Analytics: Utilize data-driven insights to optimize charging station placement and performance.

AI-Driven Capabilities

• Predictive Maintenance: Employ AI algorithms to anticipate maintenance needs, reducing downtime and enhancing reliability.

• Smart Analytics: Analyze user behavior and charging patterns to improve service offerings and operational efficiency.

Leadership Team

Akshit Bansal, Co-Founder & CEO

• Background: Electrical engineer with experience in risk advisory at Deloitte.

• Role: Oversees company strategy, business development, and overall operations.

Raghav Arora, Co-Founder & CTO

• Background: Former data scientist at Wipro with expertise in software development.

• Role: Leads technological innovation, software development, and product design.

Leadership Changes

As of March 2025, there have been no significant changes or appointments within Statiq's leadership team.

Competitor Profile

Market Insights and Dynamics

• Market Size: India's EV market is projected to reach 80 million vehicles by 2030, necessitating extensive charging infrastructure.

• Growth Potential: Rapid urbanization and government incentives are driving increased EV adoption.

• Industry Trends: Emphasis on sustainable transportation solutions and technological advancements in EV infrastructure.

Competitor Analysis

• Tata Power: Operates a substantial network of EV charging stations across India, leveraging its extensive energy sector experience.

• Fortum: A Finnish company expanding its EV charging network in India, focusing on fast-charging solutions.