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Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn

EntrackrEntrackr · 2d ago
Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn
Medial

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq builds and operates EV charging infrastructure and runs a consumer app for locating and booking charging points. EV charging network startup Statiq is in advanced talks to raise around $15 to 18 million in a new funding round from new and exiting investors, according to two people familiar with the potential deal. “Statiq was earlier exploring a much larger round, but the company has now decided to settle for a smaller cheque in the range of $15–18 million,” said one of the people cited above, requesting anonymity. “A new institutional investor is likely to lead the round, with participation from other new and existing investors.” Statiq last raised $25.7 million in a Series A round led by Shell Ventures in mid 2022. The firm was later reported to be in talks for a $50 million Series B last year but the round did not materialize at that scale. The startup offers a mix of hardware and software led services, with its hardware segment including chargers and related infrastructure contributing the majority of its revenue. Statiq also runs a financing program for EV charging stations in partnership with State Bank of India to accelerate infrastructure expansion. As per sources, Statiq’s valuation will remain flat in the Series B round, at around $100 million post-money. The flat valuation isn’t surprising, as Statiq’s Indian entity (Sharify Services Pvt Ltd) saw its revenue from operations decline 40% year-on-year to Rs 40.9 crore in FY24 from Rs 67.53 crore in FY23. At the same time, the company’s losses ballooned 3.1X to Rs 44.52 crore in FY25. It’s yet to disclose FY25 numbers. “The company is likely to deploy the fresh capital toward network expansion and product development to strengthen its position in the EV charging space,” said the source quoted above. Terms of the deal may change. Entrackr reached out to Statiq’s founders and Shell Ventures for comment but did not receive a response until the time of publication. In the EV charging infrastructure sector, Statiq faces competition from well-funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC.

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GFC leads $3 Mn round in EV charging startup ElectricPe

EntrackrEntrackr · 1y ago
GFC leads $3 Mn round in EV charging startup ElectricPe
Medial

Electric vehicle super-app ElectricPe has raised $3 million in pre-Series A round led by Green Frontier Capital along with participation from its existing investors Blume Ventures, Micelio Fund, and NB Ventures. The Bengaluru-based company had previously raised $5 million in pre-Series A round from its existing investors. The fresh funds will be used for growth, innovation initiatives, and expansion to new geographic locations, ElectricPe said in a press release. Co- founded in May 2021 by Avinash Sharma and Raghav Rohila, ElectricPe is a full-stack super – app that allows users to identify, access and pay for EV charging points regardless of their charging type. The platform’s multi-brand stores present prospective buyers with a wide range of E-2 wheelers to choose from while also offering users EV financing, servicing and subscription plans. Recently, ElectricPe collaborated with Google which enables users across India to view the availability and status of charging points in real-time. ElectricPe says that it operates in more than 25,000 public chargers and claims to have captured over 15% of the market share of all personal EV 2-wheeler sales in Bengaluru within 8 months. ElectricPe may directly or indirectly compete with other startups in this space such as e-Amrit, Statiq, PlugShare and others. Green Frontier Capital is an early-stage VC fund and backed some of the prominent startups like Battery Smart, BluSmart Mobility, E-Motorad, Nutrifresh amongst others.

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 4m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
Medial

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

EV charging startup IPEC bags $3 Mn from Gruhas

EntrackrEntrackr · 6m ago
EV charging startup IPEC bags $3 Mn from Gruhas
Medial

EV charging startup IPEC has secured an investment of $3 million from Nikhil Kamath and Abhijeet Pai’s Gruhas. The proceeds will be used to strengthen its aim to consolidate its leadership status in the EV charging sector and accelerate growth in the broader power electronics domain, IPEC said in a press release. IPEC was founded in 2017 by the MEHER Group, together with DEKI Electronics & Sungho Electronics, with Zohra Khan as its CEO. The platform offers a range of EV charging products that include private, portable, and public chargers as well as EV Connectors and Vehicle Charging Inlets. These products are fully compliant with various national and international standards and the latest localisation regulations, including the PM E-Drive and PLI Scheme. Beyond hardware, IPEC also offers Cloud-based Charging Management Systems (CMS) and a user-friendly mobile app for real-time control and insights. IPEC is an approved supplier to leading EV OEMs like Ather Energy, Bajaj Auto, Greaves (Ampere), and more. The Bengaluru-based company aspires to drive energy transition in e-mobility with intelligent, reliable, and cost-effective charging solutions at scale that address India’s specific needs and the rising demand for locally manufactured alternatives. IPEC claims to have witnessed a 40% growth in revenue in FY25 and anticipates doubling its revenue in FY26. The company also plans to expand its avenues and capabilities into global markets. It claims to have delivered over 1 million EV charging products to the top EV OEMs in India and is gearing up to expand its manufacturing capacities to 50,000 units per month.

EV charging infra startup Charge Zone scoops up $19 Mn

EntrackrEntrackr · 1y ago
EV charging infra startup Charge Zone scoops up $19 Mn
Medial

Electric vehicle (EV) charging network Charge Zone has received a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. In March last year, the Vadodara-based startup scooped up $54 million in its Series A1 funding round led by BlueOrchard Finance. Charge Zone will use the funds for expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India, the company said in a press release. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. Led by Kartikey Hariyani, the six-year-old Charge Zone provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and UAE. The firm has tied up with several OEMs and e-mobility companies including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. Charge Zone added that the investment from BII is a part of their long-term plan to create a network of one million charging points for all 4W categories of vehicles including cars, buses and trucks by 2030. It will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai. For the fiscal year ended in March 2023, the company reported nearly three fold jump in its operating revenue to Rs 46.93 crore, according to startup data intelligence platform TheKredible. During the period, its losses surged two fold to Rs 9.89 crore. In the rapid EV charging space, it competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.

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