According to reports, EV charging network startup Statiq is in advanced negotiations to raise between $15 and 18 million in a new funding round from both new and departing investors.

Key Highlights

• Statiq in advanced talks to raise $15–18 million, led by new institutional investor. 
• Founded in 2020, Statiq builds EV charging infrastructure and consumer app; last raised $25.7 million.

Statiq was earlier exploring a much larger round, but the company has now decided to settle for a smaller check in the range of $15–18 million. The round is likely to be led by a new institutional investor, with participation from both new and existing investors.

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, Shell Ventures led a Series A round in which the company raised $25.7 million.

Last year, the company was reportedly in negotiations for a $50 million Series B round, but that round did not come to pass.

With its hardware segment, which includes chargers and related infrastructure, accounting for the majority of its revenue, the startup provides a combination of software-led and hardware-led services. To speed up infrastructure development, Statiq also operates a financing program for EV charging stations in collaboration with State Bank of India.

Statiq is expected to maintain its $100 million post-money valuation in the Series B round, according to sources. Given that Statiq's Indian subsidiary, Sharify Services Pvt Ltd, saw 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. It has not yet released the FY25 figures.

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According to the source, "the company is likely to deploy the fresh capital toward network expansion and product development to strengthen its position in the EV charging space."

Indeed, the conditions of the agreement could change at any time. Shell Ventures and the founders of Statiq were contacted by Entrackr on Thursday for comment, but they did not respond until the time of publication.