Statiq

Sector: EV Charging Infrastructure  |  HQ: Gurugram, Haryana, India  |  Founded: 2019  |  Employees: 300+

Listed as: Privately held  | 

Company overview

Statiq is one of India's largest electric vehicle charging network operators, founded in 2019 by Akshit Bansal and Raghav Arora in Gurugram. The company builds, owns and operates a network of AC and DC public charging stations across Indian cities and highways, and runs a software platform that allows charge point operators and individual hosts to list their chargers, accept payments and manage uptime. Statiq has grown rapidly on the back of India's accelerating electric two wheeler and electric four wheeler adoption, and has positioned itself as a public charging infrastructure leader with thousands of charge points across more than a hundred cities. The company has raised multiple rounds of venture capital from investors including Shell Ventures and others, and has signed agreements with state governments, real estate developers, fleet operators and original equipment manufacturers to deploy charging infrastructure at scale. It is part of an emerging cohort of Indian EV infrastructure platforms competing for share in what is forecast to be a rapidly growing market through 2030.

Competitive position

Statiq competes in India's emerging EV charging infrastructure market with players including Tata Power EZ Charge, ChargeZone, Bolt.Earth, Ather Grid, Glida (formerly Fortum Charge & Drive), Jio bp Pulse, Charge+Zone, BPCL, IOCL and HPCL charging networks, and other start-ups including ElectricPe and Kazam. The market is highly fragmented and capital intensive, with charge point operators differentiating on network density, software experience, reliability and fleet partnerships. Statiq's position is anchored in north India and in highway corridors and in its software platform that aggregates third party hosts.

Key risks

Slow uptake in four wheeler EVs versus capex deployed Competitive intensity and pricing pressure Hardware reliability and uptime

Outlook

Statiq was founded in 2019 by Akshit Bansal and Raghav Arora to address the chicken and egg problem of EV adoption in India. With only a handful of public charging stations available at the time and uncertainty about who would build the network, Statiq began deploying chargers at malls, hotels, residential complexes and offices in the Delhi NCR region, using a host owned and operator managed model that allowed it to scale quickly without owning all the land or power infrastructure. Over 2020 and 2021 the company widened its geographic reach, signing memoranda of understanding with state governments including Haryana and Bihar for highway and city level deployment, and partnering with consumer brands and quick service restaurants to host chargers at their locations. By 2022 the company claimed several thousand charge points across India and was operating one of the larger consumer facing charging apps. Product and platform layers include the Statiq mobile app for consumers, a charge point management software for operators, an enterprise solution for fleets and real estate owners, and the physical hardware in AC slow chargers up to 22 kW and DC fast chargers up to 60 kW and beyond. Statiq has worked with Indian hardware partners and has signed agreements to procure or co develop higher power DC chargers for highway corridors. Manufacturing is largely outsourced. The company focuses on network planning, site acquisition, deployment, software and operations rather than vertical integration into charger manufacturing. This is consistent with the path taken by leading global charge point operators that have separated hardware and operations. Distribution is through a combination of direct deployment at owned and partner sites, white label deployment for real estate companies and fleets, and listing of third party chargers on the Statiq app, where the platform earns a commission on transactions. The roaming model, in which a user of one network can use another network through interoperability standards, is gradually emerging and Statiq has been an advocate for open standards. Financial trajectory is typical of a venture funded infrastructure platform. The company is unprofitable at the network level given the high upfront capex and currently low utilisation in many locations, but unit economics are expected to improve as EV penetration deepens and average daily kWh per charger rises. Revenue is generated from per kWh charging fees, fleet contracts, software subscriptions and corporate deals. Capital raised so far includes a strategic investment from Shell Ventures in 2022 and earlier rounds from venture capital and angel investors. The company has guided publicly that it intends to scale to tens of thousands of charge points by 2030 and to be a significant player in the highway DC fast charging segment. Strategy 2025 to 2030 will likely focus on three areas. First, scaling DC fast charging on highway corridors and in metro cities to serve four wheelers, taxis and commercial vehicles. Second, deepening fleet partnerships with last mile delivery, ride hailing and intra city logistics operators that have predictable charging demand. Third, scaling software and roaming services that monetise the broader market beyond Statiq owned chargers. The regulatory environment is supportive. The Ministry of Power notified guidelines and standards for charging infrastructure in 2018 and 2022 that permit any entity to set up public charging stations without a licence, FAME II and successor schemes have subsidised both vehicles and chargers, the Bureau of Energy Efficiency has issued charger specifications, and state electricity regulators have set time of day and dedicated EV tariffs. Companies Act 2013 compliance applies as a private limited entity. Risks include slower than expected EV penetration, particularly in four wheelers, intense competition that compresses margins, dependence on imported components for DC chargers, hardware reliability and uptime risk, lack of standardisation among connector types and protocols, and capital intensity that requires continued private capital availability or eventual public market access. Management is led by founders Akshit Bansal as chief executive and Raghav Arora as chief technology officer. The team has been expanded with senior hires from energy, telecom and technology backgrounds. ESG is intrinsic to the business model. Every public charge point displaces fossil fuel use and helps decarbonise transport, and Statiq publishes metrics on energy delivered, carbon avoided and chargers deployed. Governance follows standard venture backed start-up norms with a board that includes investor representatives and founders.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.