Statiq secures $18-mn funding

Mumbai: Electric vehicle charging network operator Statiq on Wednesday said it has secured around $18-million funding in a combination of debt and equity led by Tenacity Ventures, with key participation from Y Combinator, Shell Ventures, and RCD Holdings.

The company said it plans to utilise the fresh capital for aggressively scaling up the infrastructure and strengthening its presence across tier-1 and tier-2 cities, besides fueling network expansion with more DC fast chargers along key highways, upgrading products for 99.9 per cent uptime to boost EV adoption, and pushing globally by exporting “Made in India” hardware, building on successful UAE pilots.

The investment will also power hardware lifecycle improvements and advanced telematics for seamless scaling, it said.