Statiq.

Statiq leverages its strong market position (22% share in India) and strategic partnerships to aggressively expand its network, doubling chargers by 2026 and successfully entering international markets like the UAE. This drives revenue to over $30M by 2028, justifying a $270M+ valuation at a premium 9x revenue multiple, as it solidifies its leadership in the rapidly growing Indian EV charging sector.

Statiq maintains its growth trajectory within India, expanding its network and hardware sales at a steady pace (around 28% YoY). It continues to face strong competition from local players and larger conglomerates, limiting significant market share gains. Revenue reaches approximately $15M by 2028, leading to a $157.5M valuation at a 10.5x revenue multiple, reflecting solid execution but no major breakout.

Increased competition from well-funded local players (e.g., Tata Power EZ Charge, Charge Zone) and potential aggressive moves by global incumbents lead to pricing pressure and slower-than-expected network expansion. High capital intensity combined with a prolonged funding slowdown in the EV infrastructure sector results in a down round or a significantly reduced valuation of $36M, wiping out most common stock value given the substantial liquidation preferences.