In a fundraising round headed by Shell Ventures, the start-up electric car charging network Statiq said on Thursday (23-06-2022) that it had raised USD 25.7 million (more than Rs 200 crore). According to a statement from Statiq, the business would utilize the Series A capital largely to invest in network infrastructure and product engineering.
By investing in product engineering and network infrastructure as well as strengthening the core team, the Series A investment will help accelerate efforts to expand and realize value from the contract portfolio, it was said.
According to Statiq Co-Founder and CEO Akshit Bansal, "securing the first closure of our Series A guarantees to execute on value-enhancing development possibilities previously secured by Statiq, as we set out to become India's premier EV charging services firm."
He said, "Shell and Statiq have the same objective of aggressively promoting the shift to sustainable transportation methods. A significant accomplishment for Statiq is securing Shell Ventures as an investor." Statiq reported that it recently partnered with Hero Electric and also engaged with EV manufacturer Ather, with the goal of providing an end-to-end ecosystem for EV chargers. This would help to improve the combined EV charging network in the northern regions of India.
The company's internal processes will be consolidated when this significant round of fundraising is closed, according to the statement. By closely collaborating with Shell group expertise as we develop, Statiq will be able to tap into a wealth of operational excellence and expedite efforts toward quality, safety, and environmental standards that are second to none, according to Statiq Co-Founder and CTO Raghav Arora.
"We expect to rapidly build our business with this capital," he continued, "while continuing to invest further in technology, innovation, and product development." Robert Linck, the Chief Investment Officer at Shell Ventures, commented on the startup's investment: "We think Statiq is poised to dominate the EV charging experience in India thanks to its customer-focused strategy. Our investment in Statiq reflects both our shared desire to hasten the electrification of transportation solutions and our faith in their potential."
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