Statiq is an Indian startup that focuses on creating a network of electric vehicle (EV) charging stations. The idea behind Statiq was born out of a desire to reduce pollution and improve air quality in Delhi-NCR. Here’s a look at how it all began.
Akshit Bansal and Raghav Arora, childhood friends and founders of Statiq, were driven by a vision to make sustainable transportation a reality. They recognized that electric vehicles could significantly reduce automobile emissions, which are a major contributor to poor air quality in Delhi-NCR[1].
In October 2019, they launched Statiq with the aim of building a smart public charging network. The initial steps involved building and installing chargers using their own savings. However, they quickly realized that this approach was not sustainable or scalable, leading them to seek funding and support from external sources[1].
Their journey started with the creation of their first EV charger at Akshit's home, followed by the launch of their first mobile application. This marked the beginning of their mission to connect EV owners with charging infrastructure.
Akshit Bansal, the CEO of Statiq, comes from Hisar, Haryana. He studied electrical engineering at Manipal University and later worked at Deloitte before venturing into entrepreneurship. Akshit's background in electrical engineering has been crucial in developing Statiq's EV charging solutions.
Raghav Arora, the Co-founder, worked as a data scientist at Wipro before joining Akshit in this venture. Raghav's expertise in data science has helped in developing the smart technology and IoT platforms used by Statiq[1].
Both founders left their comfortable jobs to pursue their passion for sustainable mobility and make a meaningful impact on the environment[1].
Statiq has evolved significantly since its inception, from its initial concept to its current state as a leading player in the EV charging sector. Here’s a look at its growth and expansion.
Initially, Statiq focused on building and installing EV chargers in partnership with property owners. This asset-light, marketplace-like business model allowed them to expand their network without heavy real estate investments. They tied up with corporate offices, residences, hotels, and cinemas to install chargers, referring to these property owners as ‘charger hosts’[1].
Today, Statiq has set up over 150 chargers across Delhi, Pune, and Bengaluru, with plans to expand to Tier II and Tier III cities. They have also established a solid network of EV chargers in major highways and cities across North, South, and West India[5]).
The company has transitioned from a small startup to a significant player, backed by strong funding support and strategic partnerships, including one with Shell Ventures[2][5]).
Statiq has achieved several key milestones since its inception. In 2019, they earned the backing of NASSCOM, which provided a strong foundation for their venture. In 2020, they were part of Y Combinator’s S20 batch and raised $1.8 million in a seed round[1][2]).
In the same year, they also received funding from Shell, which further boosted their growth. Recently, they have expanded their network to include 1500 DC fast chargers and various AC charging profiles[5]).
These milestones have been crucial in establishing Statiq as a promising player in the EV charging sector.
Statiq’s product portfolio has expanded significantly. They offer a range of charging solutions, including DC fast chargers and AC chargers with different capacity categories (3.34, 7.4, and 11 kilowatts)[5]).
In addition to charging stations, Statiq provides premium installation services for residential and commercial clients. Their advanced mobile application offers real-time data on charger availability, reservation options, and integrated payment solutions, making the user experience seamless[3]).
Their services also include smart technology and IoT platforms to maintain and monitor their stations, ensuring high uptime and efficient service[3]).
Statiq’s technology infrastructure is a key component of its success. Here’s a look at the core platform architecture, security and compliance framework, and innovations in the industry.
Statiq’s business model is built around a decentralized network of charging stations. They leverage smart technology and IoT platforms to maintain and monitor their stations. This approach ensures high uptime and efficient service, which is critical for the adoption of EVs[3]).
Their mobile application is a central part of this architecture, providing users with real-time data and convenient features like charger reservation and integrated payment solutions[3]).
The use of IoT platforms allows Statiq to keep its services efficient and reliable, aligning with the recommendations of the International Energy Agency (IEA)[3]).
Statiq ensures that its technology infrastructure is secure and compliant with industry standards. While specific details on their security framework are not extensively documented, it is clear that maintaining robust service levels is a priority. This includes regular monitoring and maintenance of their charging stations to prevent any disruptions[3]).
The company also complies with relevant regulations and standards in the EV charging sector, ensuring that their operations are both secure and compliant.
Statiq has been innovative in the EV charging industry. Their use of smart technology and IoT platforms sets them apart. The dynamic pricing model, where charger hosts decide the market price of a charging session, adds a layer of flexibility and competitiveness to their offerings[1][3]).
Their focus on reducing user anxiety around EV charging through a user-centric mobile application is another significant innovation. This approach simplifies the user experience and makes EV charging more accessible and convenient[3]).
Statiq’s expansion into Tier II and Tier III cities and their solid network of EV chargers on major highways further demonstrate their commitment to innovation and growth in the industry[5]).
Statiq, India's largest EV charging network, has been making significant strides in the electric vehicle (EV) market. Here’s a look at how the company is impacting the market.
Statiq has seen a substantial increase in its user base since its inception in 2020. The company's user-friendly platform allows EV owners to easily discover, pre-book, and pay for charger usage. This convenience has attracted a large number of EV owners who are looking for reliable and accessible charging solutions.
As the number of electric vehicles on the road increases, Statiq's user base is growing rapidly. The company's app and website make it simple for users to find chargers near them, whether they are at shopping malls, workplaces, restaurants, or hotels. This widespread availability of chargers has been a key factor in the growth of Statiq's user base.
Statiq's founder, Akshit Bansal, emphasizes the importance of making EV charging accessible. He believes that electric vehicles are the future and that Statiq is playing a crucial role in facilitating their adoption, especially in developing economies.
Statiq is expanding its market share by aggressively setting up charging stations across various locations. The company's strategy involves partnering with property owners to install and manage chargers, which not only increases the number of charging points but also provides an additional income stream for these owners.
Statiq's market share expansion is driven by its extensive network of charging stations. The company has partnered with several key stakeholders, including shopping malls, workplaces, and residential spaces, to ensure that chargers are readily available. This widespread presence helps Statiq to capture a larger share of the EV charging market.
The global electric vehicle charging station market is growing at a CAGR of 30.47%, and Statiq is well-positioned to capitalize on this growth. As more people switch to electric vehicles, the demand for charging infrastructure is increasing, and Statiq is at the forefront of meeting this demand.
Statiq is also focusing on financial inclusion initiatives to make EV charging more accessible and affordable. The company allows property owners to become charger hosts, which helps in generating additional income.
Statiq's financial inclusion initiatives aim to make EV charging affordable for everyone. By enabling property owners to host chargers, the company is creating a new revenue stream for these individuals. This not only helps in increasing the number of charging stations but also contributes to the financial well-being of the community.
The company's partnership with financial institutions and other stakeholders is crucial in this initiative. For example, Statiq's collaboration with BPCL involves developing a bespoke app and integrating existing chargers, which enhances the user experience and makes charging more convenient and affordable.
Statiq's financial journey is marked by significant growth and strategic investments.
Statiq's revenue has been growing steadily since its inception. The company's estimated annual revenue is currently around $18 million, with a revenue per employee of $77,000.
Statiq's revenue growth is largely driven by the increasing demand for EV charging services. As the number of electric vehicles on the road grows, so does the need for reliable and accessible charging solutions. Statiq's user-friendly platform and extensive network of charging stations have been key factors in its revenue growth.
The company has also seen a significant increase in its employee count, which has grown by 27% in the last year. This expansion in workforce is a testament to Statiq's growing operations and increasing market presence.
Statiq is working towards achieving profitability by optimizing its operations and expanding its services. The company's focus on technological advancements and strategic partnerships is helping it to reduce costs and increase efficiency.
Statiq's path to profitability involves several strategic steps. The company is investing heavily in technology to ensure that its charging stations are always online and that payments are processed smoothly. This technological backbone is crucial in reducing downtime and increasing user satisfaction.
Additionally, Statiq's partnerships with key stakeholders, such as BPCL, are helping the company to integrate more chargers into its system and enhance the overall user experience. These initiatives are expected to contribute significantly to Statiq's journey towards profitability[9]).
Statiq has secured significant funding to support its growth and expansion plans. In June 2022, the company raised INR 200 crore in funding, which is being used to expand its network and enhance its services.
Statiq's investment rounds have been instrumental in its growth. The company's funding has enabled it to expand its network of charging stations and invest in technological advancements. This investment is crucial for Statiq as it aims to capture a larger share of the growing EV charging market.
The company's valuation is expected to increase as it continues to expand its services and grow its user base. Statiq's strategic partnerships and financial inclusion initiatives are also expected to contribute to its valuation growth[6][8]).
Statiq has formed several strategic partnerships to enhance its services and expand its reach.
Statiq has partnered with several banking and financial institutions to make EV charging more accessible and affordable. These partnerships involve developing bespoke apps and integrating existing chargers.
Statiq's banking collaborations are aimed at enhancing the user experience. The company's partnership with BPCL, for example, involves the development of a bespoke app that integrates BPCL's existing chargers. This collaboration ensures that charging stations are always online and that payments are processed smoothly[9]).
These partnerships also help in making EV charging more affordable. By integrating with financial institutions, Statiq can offer various payment options and financial incentives to its users, making EV charging more accessible to a wider audience.
Statiq has partnered with several merchants to set up charging stations at various locations. These partnerships include shopping malls, workplaces, restaurants, and hotels.
Statiq's merchant partnerships are crucial in expanding its network of charging stations. The company has partnered with key stakeholders to ensure that chargers are readily available at various locations. This widespread presence helps in increasing the adoption of electric vehicles.
For example, Statiq's partnership with HPCL involves setting up EV charging stations in UP, Bihar, and Uttarakhand. This partnership aims to contribute to the country's transition towards electric mobility[8]).
Statiq has formed several technology alliances to enhance its services and ensure smooth operations. These alliances involve integrating advanced technologies to manage charging stations efficiently.
Statiq's technology alliances are focused on ensuring that its charging stations are always online and that users have access to real-time information about charger availability and performance. The company's partnership with BPCL, for instance, involves the integration of BPCL's existing chargers using Statiq's software expertise[9]).
These technology alliances also help in reducing downtime and increasing user satisfaction. By leveraging advanced technologies, Statiq can manage its charging stations more efficiently and provide a better user experience.
Statiq's founder, Akshit Bansal, emphasizes the importance of technology in EV charging. He believes that Statiq's technological backbone is a key component of its success and will continue to drive the company's growth in the future[6]).
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