Domestic electric vehicle (EV) charging network provider Static said on Thursday it has received $25.7 million in Series A funding led by Shell Ventures.
The company will use this fund to invest in product engineering and network infrastructure as well as strengthen the core team.
Akshit Bansal, Co-Founder and CEO, Static, said, “Securing the first completion of our Series A ensures to deliver on value-enhancing growth options already secured by Static as we build India’s leading EV charging services company. are ready for.”
Founded in 2019 by Bansal and Raghav Arora, Static aims to provide an end-to-end service for EV charging solutions for landowners, EV users and vehicle manufacturers.
The startup said it is also building a smart EV charging network and helping each stakeholder grow with the company.
“With this funding, we plan to rapidly grow our business while continuing to invest further in technology, innovation and product development,” said Raghav Arora, Co-Founder and CTO.
Static recently partnered with Hero Electric and also tied up with EV manufacturer Ather to scale up the combined EV charging network in the country.
“With a consumer-centric approach, we believe Static is on-track to lead the EV charging experience in India,” said Robert Link, Chief Investment Officer, Shell Ventures.