Statiq secures $18 million to enhance access to its charging network.
Statiq has announced that they have raised a total $18 million involving a mix of equity and debt. This round was organised by Tenacity Ventures with participation from Y Coimbatore, Shell Ventures & RCD Holdings.
According to Statiq, they will be investing these funds to enhance their charging network across Tier-1 and Tier-2 cities and will be deploying additional DC fast chargers along highways. The company will be also investing in uptime improvement initiatives, hardware and software updates, and telematic systems.
Currently, the company is also working towards expanding its FOCO (Franchise-Owned, Company-Operated) model, as under this partners will be investing in hardwares, while Statiq will be managing the operations. This program was unveiled at SS Group’s Gurgaon location in January.
This funding has come at a time when India’s EV infrastructure is facing investment challenges. The company stated that capital is working towards rapidly scaling up the expansion and operational scaling.
Tenacity Ventures, managed by Rohit Razdan, expressed that their company is prioritising early-growth investments in a joint partnership with Shell Ventures and Y Coimbatore expressing their interest in renewable energy.
