Electric vehicle charging network startup Statiq on 23 June announced it has raised $25.7 million (over ₹200 crore) in a funding round led by Shell Ventures.
The firm aims to use the Series A funding to primarily invest in product engineering and network infrastructure, it said in a statement.
The statement further said that the Series A investment will aid in accelerating efforts to scale and realize value from contract portfolio.
"Securing the first closing of our Series A ensures delivering on value-enhancing growth options already secured by Statiq, as we set out to build India's leading EV charging services company," Akshit Bansal, co-founder and chief executive officer of Statiq said.
"Shell and Statiq share a vision of driving transformation towards sustainable modes of transport. Having Shell Ventures as an investor is a milestone for Statiq," he further said.
Statiq has recently teamed up with Hero Electric and also collaborated with EV 2-wheeler maker Ather to enhance the combined EV charging network in the northern states of India.
"Statiq will be able to tap into a wealth of operational excellence, as well as accelerate working towards quality, safety and environmental standards that are second to none by closely cooperating with Shell group experts as we grow," Raghav Arora, co-founder and chief technology officer, Statiq said.
"With this funding we plan to rapidly scale our business while continuing to invest further in technology, innovation and product development," he added.
On its investment in the start-up, Shell Ventures Chief Investment Officer Robert Linck said, "With its consumer-centric approach, we believe Statiq is on-track to lead the EV charging experience in India. Our investment in Statiq stands for our belief in their potential and our shared ambition to accelerate the electrification of mobility solutions."
The electric mobility space in India is witnessing significant traction even as startups struggle to attract investment amid a prevailing funding winter.
Notably, the Indian EV space has seen interest from multiple West Asian players in the last couple of months. Earlier in June, Dubai-based META4 Group said it will invest Rs 250 crore to set up an electric vehicle plant in the southern state of Telangana, marking its foray into the green mobility space in the country.
Similarly, Saudi Arabia-based global investor Abdul Latif Jameel committed to invest up to $220 million (around Rs 1,700 crore) in 2-3-wheeler mobility company, Greaves Electric Mobility.
Bengaluru-based Ather Energy has also initiated discussions with investment banks, mulling possibilities of an initial public offering (IPO) in the near future, VCCircle had reported.
In May, 2-wheeler mobility startup eBikeGo said it had marked the final close of its pre-Series A funding of $5 million, again backed by multiple West Asian investors.