The electric mobility sector in India is organised by the availability of Electric Vehicles (EVs) on the supply side and the adaption of new trends on the demand side. But what is the key fundamental required to boost the adaptation of EVs in India?
As the EVs carry limited energy onboard in the stock battery packs, which requires charging from time to time, reliable charging systems are therefore essential to enhance the stability of EVs. Precise and integrated charging infrastructure is the necessity to drive the growth of EV adoption to its bigger picture.
Additionally, the charging requirement not only depends on the regular use of these vehicles but also on the regular utilities, including transport, passenger, and commercial electric battery-powered vehicles.
Companies in India are actively analysing many opportunities in the automotive space as electric mobility has emerged as one of the conceivable eco-friendly solutions. The companies are also developing innovative solutions to drive the EV ecosystem of India to its bigger picture. Statiq stands tall in these companies that are consistently providing an array of solutions in the EV sector.
As the EV market is advancing to greater heights, Statiq, on the other hand, is being a stop essential solution provider in this niche. Established in Gurugram, Statiq stands as India’s biggest EV charging network with all the necessary equipment for end-to-end users.
In an exclusive interview with Insights Success, team Statiq sheds light on the company’s journey, the current industrial scenario, and their opinions on the future of the company in the EV space
Please describe our audience about Statiq in detail.
Statiq is a one-stop solution provider for the EV ecosystem in India. We are India’s largest EV charging network and builds the entire ecosystem, including both software and hardware, to fast-track EV adoption in India. We are solidly funded by Y-Combinator, which has previously funded various listed companies like Airbnb, Coinbase, Dropbox, Meesho, Razor pay, and others.
Statiq is currently present in three geographies: India, the USA, and the Netherlands, and plans to expand globally and transition towards sustainable energy form. Our main aim is to promote sustainable mobility across India by developing an enhanced ecosystem with the foundations of cutting-edge technology, data-driven management, and easy accessibility.
Through our services, we are trying to solve various problems faced by EV users like reliable charging experience, accessibility to charging infrastructure, and fragmented charging networks. The continuous efforts by Statiq is contributing towards reducing the carbon footprint.
What made you indulge professionally in the Electric Vehicle Solution Space?
I was a part of the solar vehicle team in my college, and my in-depth knowledge of electrical engineering and interest in the energy sector made me explore the EV space. I firmly believe in the concept of sustainability, and through my vision and work at Statiq, I want to accelerate the adoption of sustainable mobility across India.
I specifically ventured into the EV charging infrastructure space because infrastructure is a big problem in a country like India, and according to research and analysis, there is a need for one public charger per eight cars.
I believe that selling these eight cars is easier in comparison to setting up the infrastructure, which is the most common challenge in the EV landscape. Infrastructure was non-existent when Raghav and I ventured into this space.
What were the challenges Statiq had to transcend while venturing into the EV solution space?
Since Statiq is into EV charging infrastructure space, when we started, we faced many challenges, including the high cost of chargers.
Since chargers mainly were imported (from China, Germany) and were not being manufactured locally, the cost was very high, and in the case of chargers being imported from China, quality was an issue with a big drawback.
Various other challenges included low EV volumes in the market, broken electrical infrastructure, and shortage of power supply. Additionally, there is no clarity in government policies, the policies exist, but there is no proper on-ground implementation.
What kind of services does Satiq provide to its clients?
We have successfully partnered with big names like Blu Smart Mobility, MERU, Indian Oil, EESL, Telangana State Renewable Energy Development Corporation Ltd, and others. We offer mobile app, chargers, and charging station management system. The products offered include the following:
- Hardware products: Statiq DC Charger (CCS)-dual gun, Statiq Pillar (AC Charger), and Statiq Circle.
- Software products: Statiq software integrated products includes various features like charger health monitoring, dynamic pricing, error and complaint management, asset management, interactive dashboards, marketing dashboard, analytics-driven by Machine Learning and AI.
How was Statiq affected in these pandemic times, and what were the steps you took to curb the damages while helping your clients and maintaining the safety of your employees?
Since we deal with sustainable mobility, our business depends on people and their travel. With this pandemic, the growth in this sector is slower than expected in the short run.
But on the other hand, with the support and positive outlook of authorities involved and with people becoming more climate-conscious, the long-term growth plan seems positive.
During these tough times, we consistently delivered our commitments on time and supported the Statiq family (client and our employees) in the best way possible. We ensured the Statiq family had access to the best healthcare possible and transitioned to the work-from-home environment for their safety.
What would you like to advice the young generation of entrepreneurs and enthusiasts who want to venture into the Electric Vehicle Solutions Space?
By Akshit:
Currently, people are mostly looking at building vehicles. In my view, the young generation of entrepreneurs and enthusiasts should investigate ancillary services for EVs as there will be a big market going forward.
Additionally, another area that can be explored by young entrepreneurs is component-wise manufacturing. This is currently untapped and will be easier to explore as people will not have to compete with big players in the market like TATA, MG, and others.
By Raghav:
Adding to that, my advice to the young generation of entrepreneurs and enthusiasts is, it is important to fail and learn from those failures and keep moving forward.
What is the current industrial scenario of the Electric Vehicle Solution Space?
Currently, India is committed to its 2030 EV ambition, and according to a study, India would require a support infrastructure of ‘2.9’ million public charging points and an investment worth over USD 180 billion to meet its 2030 vision.
As per Central Electricity Authority, there were 927 public charging stations in India as of 30th June 2020. Additionally, the government of India has sanctioned 2,877 stations under FAME II with the target of pan-India coverage, and there is a long way to go to meet India’s 2030 ambition.
According to a study, more than 100 start-ups are working in the charging infrastructure domain across the entire country. These start-ups include EV charger manufacturers, service operators, charging networks, and solutions providers.
Despite a lot of support from the central, state governments and various policies being introduced, the sector faces many risks and challenges, including political risk, financial risk, supply-chain risk, and others.
Few policies that will enable start-up innovation include R&D and skill development support shared manufacturing and plug-and-play facilities, access to financing, single-window clearances, and streamlined processes.
Where do you envision Statiq eventually, and what are your future goals? How do you plan to embrace the changes happening in Electric Vehicle Solutions Space?
Our main aim at Statiq is to push India towards sustainable mobility. Our future goals include accelerating sustainable mobility through wireless charging, battery swapping, integration with solar, off-grid solar installations, and deep-diving into hydrogen as the new fuel.
Since we are a tech company, we build the entire ecosystem in-house, which includes both the software and hardware. At Statiq we are continuously innovating and making sure we are up to date with the R&D. Most importantly, we have assembled a team capable of making the change happen.
Partners Exhibiting Excellence
Akshit Bansal is the Co-founder of Statiq. With his knowledge of electrical engineering, he has taken charge of the hardware part of the start-up, building chargers for EVs. He is also actively engaged in amplifying the core competence of the start-up as a “tech-first” start-up.
Previously, Akshit has worked with various corporations, including Deloitte, and during his tenure has intermingled with myriad cultures. He is experienced in electrical engineering, running a business, developing and implementing multiple strategies to enhance the operations of his start-up.
He has a degree in electrical engineering from Manipal University. His skills for information dissemination, team management, and effective collaboration with stakeholders are assets for Statiq to achieve greater prominence in the EV ecosystem. His in-depth knowledge of engineering and passion for environmental conservation makes him an informed entrepreneur.
Raghav Arora is working as Co-founder and CTO at Statiq. He is a passionate programmer and heads the technical operations at Statiq. Previously, he has trained and inspired more than 2000 people on AI, ML, Data Analytics, and Python. His passion for HMI and Artificial Intelligence inspires him to change the world for the better.
