Electric cars (EVs) are spreading out throughout the world. While < a class="crunchbase-link"href="https://crunchbase.com/organization/tesla-motors"target="_ blank"data-type="organization" data-entity =”tesla-motors” > Tesla has actually drawn the most attention in the United States with its glamorous and cutting-edge cars and trucks, EVs are ending up being a pillar in markets far from the environs of California.
Take India. In the local movement market, two-and three-wheel lorries are beginning to emerge as a popular choice for a quickly broadening middle class trying to find more affordable choices. EV variations are popular thanks to their lowered upkeep expenses and higher dependability compared to fuel alternatives.
Two-wheeled electric scooters are a fast-growing segment of India’s mobility market. There’s just one problem, and it’s the very same one dealt with by every nation which has attempted to transform from
gas to electric: how do you build out the charging station network to make these vehicles functional outside a small variety from their garage? It’s the classic chicken-and-egg issue. You require EVs in order to make money on charging stations, but you can’t afford to develop charging stations until EVs are popular. Some startups have actually tried to develop out these networks themselves. Maybe the most famous example was Better Place, an Israeli startup that raised $800 million in equity capital before dying from unfavorable money flow back in 2013. Tesla has actually tried to solve the issue by being both the chicken and egg by producing a network of Superchargers. That’s what makes Statiq so interesting. The company, based in the New Delhi residential area of Gurugram, is bootstrapping an EV charging network using a multi-revenue model that it hopes will allow it to avoid the financial obstacles that other charging networks have actually dealt with. It’s in the present Y Combinator batch and will be presenting at Demo Day later this month.
Akshit Bansal and Raghav Arora, the company’s co-founders, collaborated previously as experts and built a business for buying images online, eventually reaching 50,000 regular monthly actives. They chose to make a pivot– a tough pivot actually– into EVs and particularly charging equipment.
Statiq founders Raghav Arora and Akshit Bansal. Pictures via Statiq”We felt the requirement to do something about the climate since we were living in Delhi and Delhi is among the most contaminated cities worldwide, and India is house to a great deal of the polluted cities on the planet. We desired to do something about it,”Bansal stated. As they investigated the reasons for contamination, they learned that vehicle exhaust represented a big part of the issue in your area. They looked at options, however EV charging stations stay essentially non-existent throughout the nation.
Hence, they founded Statiq in October 2019 and officially released this previous May. They have actually set up more than 150 charging stations in Delhi, Bangalore, and Mumbai and the surrounding environs.
Let’s get to the economics though, since that to me is the most interesting part of their story. Statiq as I noted has a multi-revenue design. Initially, end users purchase a subscription from Statiq to use the network, and then users pay a fee per charging session. That session cost is divided between Statiq and the property owner, providing landlords who install the stations an incremental revenue boost.
A Statiq charging station. Image through Statiq has a couple of techniques up its sleeves when it comes to setup. Initially, the company’s charging devices– according to Bansal– costs roughly a third of the comparable cost of U.S. devices. That makes the base innovation more affordable to acquire. From there, the business works out setups with proprietors where the property managers will pay the fixed costs of installation in exchange for that continuing session charge cost.
On top of all that, the charging stations have advertising on them, providing another earnings stream particularly in high-visibility locations like shopping malls which are critical for a successful EV charging network.
In other words, Statiq hasn’t had to investment capital in order to put in place their charging equipment– and they were able to bootstrap before using to YC earlier this year. Bansal stated the company had dozens of charging stations and thousands of paid sessions on its platform before joining their YC batch, and “we are now growing 20% week-over-week.”
What’s next? It’s everything about purposeful scaling. The EV market is switching on in India, and Statiq wishes to be where those cars and trucks are. Bansal and his co-founder are wanting to ride the wave, continuing to develop out critical infrastructure along the way. India’s federal government will likely continue to help: its approved billions of dollars in rewards for EVs and for charging stations, tipping the economics even further in the direction of a clean car future.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.