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Electric vehicle charging network and operator Statiq is set to raise around $50 million in its series B funding round, according to sources familiar with the dealings.

The Gurugram-based company is talking to its existing investors, including Shell Ventures and Y Combinator, as well as fielding offers from new investors, one of the sources said.

Statiq declined to respond to YourStory’s queries for a comment.

The startup had last raised $25.7 million in June 2022 when Shell Ventures joined its captable.

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq also counts Astir Ventures and Oyster Ventures, among others, as its investors.

In addition to selling energy through its charging infrastructure and chargers, the company has developed a mobile application that helps users find Statiq charging points, as well as those from other operators, nearby.

The company has been putting substantial efforts into signing up more charge point operators (CPOs) on the platform. The mobile app business currently accounts for 5-8% of Statiq’s total revenue, according to the company.

Its biggest revenue stream is its hardware business, which makes up about 50% of its topline, followed by energy sales via its CPO business.

Statiq has been accelerating the expansion of its charging network. In May, it signed an agreement with Cube Stop Highway Rest Areas to install charging points along Indian highways, adding to its 7,000-strong charging network, which it plans to increase to 20,000 by 2025.

It also teamed up with Tata Passenger Electric Mobility to help support its mission of setting up 10,000 EV charging stations in India by FY25.