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Startup Deep Dive : Statiq — 10,000 chargers, but revenue fell 40% in a year

The Invincible India

In February 2026, Statiq raised $18 million and told the press it had crossed 10,000 charging points across roughly 100 Indian cities — a company positioning itself to power the country’s switch to electric vehicles. The awkward part sits in its own filings: the year before, the operating revenue of its Indian entity fell about 40% in a single year, from ₹67.53 crore in FY23 to ₹40.9 crore in FY24, while its net loss widened roughly 3.1 times to ₹44.52 crore (Entrackr, citing MCA filings).

That gap — between a growth narrative measured in chargers and cities, and financials that went backwards before recovering — is the real story of Statiq. It is a business built by two founders whose previous startup was shut down by regulation, that survived on a $60,000-revenue base when Y Combinator first backed it, and that now runs one of India’s larger public charging networks while still losing money on almost every rupee of sales. This deep dive works only from figures reported by sources we opened, each carrying its period. Where sources disagree, both are named.

Quick facts

Company Statiq (legal entity: Sharify Services Private Limited, CIN U40106UR2020PTC010622)
Founded 2020 (incorporated in Uttarakhand; founders began building in 2019)
Founder(s) Akshit Bansal (CEO) and Raghav Arora (CTO)
Businesses EV charging hardware, a charge-point-operator (CPO) aggregator network, and a consumer app to locate, book and pay for charging
Latest FY revenue About ₹79.5 crore in FY25, up ~73.8% YoY (Inc42); ₹40.9 crore operating revenue in FY24 (Entrackr, MCA)
Latest FY profit/loss Net loss of about ₹67–68 crore in FY25 (Inc42); net loss ₹44.52 crore in FY24 (Entrackr, MCA)
Listed Private (not listed as of September 2026)
Last valuation About $100 million post-money, reported around October 2025 (Entrackr); reportedly down ~17% from that peak by January 2026 (Tracxn) — unconfirmed by the company
Key backers / CEO Y Combinator, Shell Ventures, Tenacity Ventures; CEO Akshit Bansal

What Statiq does

Statiq builds and operates the physical and digital layer that lets an electric vehicle charge away from home. It designs and manufactures its own chargers, runs and aggregates a public charging network, and offers an app that drivers use to find a station, start a session and pay. Its customers span three groups: real-estate and fleet owners who buy or host hardware, other charge-point operators whose stations it aggregates, and individual EV drivers who use the app.

The origin

Statiq’s founders learned the cost of getting timing and regulation wrong before they ever sold a charger. Akshit Bansal, who had worked in risk advisory at Deloitte, and Raghav Arora, a former data scientist at Wipro, first built a vehicle-renting platform called Sharify. That venture shut down under regulatory constraints in India — a failure literally memorialised in the name of the company they run today, Sharify Services Private Limited (Forbes India, 2024).

The founding insight for Statiq was narrower and better timed. India was about to push electric two-wheelers, three-wheelers and cars, but the reason drivers hesitated was not the vehicle — it was the fear of running out of charge with nowhere to plug in. Bansal and Arora decided the bottleneck was charging infrastructure, and that whoever built both the hardware and the software layer early could aggregate a fragmented market. They incorporated the business in 2020 and, that August, were accepted into Y Combinator with operating revenue of roughly $60,000 (Forbes India, 2024). The bet was that charging, not vehicles, was where the durable network would form.

The struggle years

Statiq’s story is not a straight line up. The clearest scars are on the balance sheet and in the founders’ history, and the sources are blunt about both.

The turning point

The single event that changed Statiq’s trajectory was its Series A in June 2022. Before it, Statiq was a Y Combinator seed company with roughly $60,000 of revenue at the time of its 2020 seed cheque and about $2.6 million of revenue by the time the Series A closed (Forbes India, 2024). Then Shell Ventures — the corporate venture arm of one of the largest energy companies in the world — led a $25.7 million round.

The numbers on each side of that round tell the story. On one side, a startup measured in thousands of dollars of revenue and a few hundred chargers. On the other, capital and an energy-industry backer that let Statiq manufacture its own hardware, aggregate other operators, and push toward 8,000+ stations across 63 cities by 2024 (Forbes India, 2024). The Series A did not make the company profitable — the later FY24 numbers show the opposite — but it converted Statiq from an experiment into an infrastructure operator with the balance sheet to keep building.

The money behind it

Statiq has raised money in four disclosed rounds since 2020, and the shape of that funding matters as much as the total. The first big rupee-scale figure below is glossed in dollars once; the single rate used is $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

What each backer changed: Y Combinator gave the founders their first outside validation and network at the seed stage; Shell Ventures brought energy-sector capital and credibility that underwrote the manufacturing and network push from 2022; and Tenacity Ventures led the 2026 round earmarked for expansion into Tier I and Tier II cities, hardware lifecycle upgrades and telematics (Entrepreneur India, February 2026).

How it makes money

Statiq earns across three linked layers, and the mix is where the business is both interesting and fragile.

The part people get wrong: because Statiq talks about a large network, it is easy to assume most revenue is recurring, per-session income. It is not. The reported 70% hardware weighting means the top line moves with equipment order cycles, which is exactly why FY24 operating revenue could fall about 40% year-on-year even while the physical network kept growing (Entrackr, October 2025). The margin the company is chasing sits in software and energy; the revenue it actually books still leans on hardware.

The numbers

Three fiscal years, in ₹ crore. Note the basis difference: Entrackr reports FY23–FY24 revenue “from operations” (MCA filings), while Inc42’s FY24–FY25 figures appear to be on a total-income basis, which is why FY24 shows two nearby values. Both are given.

Fiscal year Revenue (₹ crore) Net loss (₹ crore)
FY23 67.53 (operations, Entrackr/MCA) ~14.4 (implied, since FY24 loss rose ~3.1x)
FY24 40.9 operations (Entrackr) / 45.5 total income (Inc42) 44.52 (Entrackr/MCA)
FY25 ~79.5, up ~73.8% YoY (Inc42) ~67–68 (Inc42)

Where the money comes from

Statiq’s revenue and reach come from a network that is mostly other people’s chargers, sold under partnerships.

Statiq has also described itself as building “India’s largest EV charging network” and cited a roughly 22% market share (company-stated, Forbes India, 2024). Both are company claims rather than audited or exchange-verified figures, and independent operators such as ChargeZone and Tata Power make competing scale claims — so the “largest” label should be read as contested.

The risks

The takeaway

Statiq is a lesson in the difference between a network you can count and a business that compounds. Charger counts, cities and app downloads all went up; for one full year the money went down. The transferable point is that in infrastructure startups, the headline metric — stations, users, coverage — can move in the opposite direction from revenue and cash, because the revenue that actually pays the bills is often lumpy hardware, not the recurring usage the pitch implies. The founders’ first company died to regulation; their second has survived long enough to raise its fourth round, but survival here has meant accepting a flat-to-lower valuation and debt to keep the network growing. Whether Statiq becomes durable depends on the boring 30% — software and energy — quietly overtaking the exciting 70% of hardware. Watch the revenue mix, not the charger map.

Frequently asked questions

Who founded Statiq and what did they do before?

Statiq was founded by Akshit Bansal and Raghav Arora, who run it as CEO and CTO. Bansal previously worked in risk advisory at Deloitte and Arora as a data scientist at Wipro. Before Statiq they built Sharify, a vehicle-renting platform that shut down under regulatory constraints in India (Forbes India, 2024).

What is Statiq’s legal entity and when was it founded?

Statiq operates through Sharify Services Private Limited (CIN U40106UR2020PTC010622), incorporated in 2020; the founders began building the concept in 2019 (Tracxn, 2026; Forbes India, 2024).

How much money has Statiq raised and at what valuation?

Statiq has raised roughly $43.7 million to $45.5 million across four rounds, including an $18 million round led by Tenacity Ventures in February 2026. Its valuation was reported at about $100 million post-money around October 2025, with Tracxn later recording it down about 17% from that peak — figures that are reported, not company-confirmed (Entrackr, October 2025; Entrepreneur India, February 2026; Tracxn, 2026; Inc42).

Is Statiq profitable?

No. In FY24 the Indian entity posted a net loss of ₹44.52 crore, and in FY25 the net loss was reported at roughly ₹67–68 crore on revenue of about ₹79.5 crore (Entrackr, October 2025; Inc42).

How large is Statiq’s charging network?

Statiq reported 8,000+ charging stations across 63 cities in 2024, and by February 2026 said it had crossed 10,000 charging points across about 100 cities. Most of that network is aggregated from partner operators rather than manufactured by Statiq (Forbes India, 2024; Entrepreneur India, February 2026).

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

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