YC Startup Tracker

Statiq's $18M round led by Tenacity Ventures marks a notable injection of capital into India's EV infrastructure sector, which has suffered a prolonged slowdown.

The company plans to double its charging points to 20,000 and enter Tier-1/2 cities, signaling a potential turning point for domestic expansion and a global push.

Watch whether this funding accelerates India's charging buildout and if Statiq can replicate its model internationally.

Tracking: Y Combinator

Geography: Silicon Valley, Mountain View, San Francisco, United States

1. Statiq Raises $18M Led by Tenacity Ventures to Expand EV Charging Network

EV charging network provider Statiq has raised $18 million in a mixed equity-debt round led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures, and RCD Holdings.

The funding comes at a time when India's EV infrastructure sector has faced a prolonged slowdown. Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq operates over 10,000 AC and DC chargers across more than 100 cities.

Statiq plans to use the capital to push into Tier-1 and Tier-2 cities and expand its footprint globally, targeting 20,000 charging points by year-end.

CEO Bansal framed the raise as a turning point, saying the company can now move from being a leader in India to a contender globally.

Tenacity Ventures' managing director described the investment as backing 'critical infrastructure for India's electric future.'

Key facts:

- $18 million mixed equity-debt round led by Tenacity Ventures

- Y Combinator, Shell Ventures, RCD Holdings participated

- Founded in 2020 by Akshit Bansal and Raghav Arora

- Operates over 10,000 AC and DC chargers in 100+ cities

- Targets 20,000 charging points nationwide by end of 2026

Why it matters: The investment signals renewed confidence in India’s EV charging sector after a dry spell. For Statiq, the funding and Y Combinator backing provide credibility and capital to scale rapidly, threatening smaller rivals.

The company’s global ambitions could pressure international charging networks. Watch for execution on the 20,000-charger target and expansion beyond India.

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