The ePlane Company, an electric plane startup, has raised $14 million in a Series B fundraising round led by Speciale Invest and Antares Ventures, with continued support from Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut. The company had raised $5 million during its pre-Series A round in January 2022.
The increased funding will be critical in ePlane's pursuit of global regulatory approvals and acceleration of commercialization initiatives, according to a press statement. Additionally, ePlane intends to expand its prototyping and testing facilities to meet global eVTOL (electric vertical takeoff and landing) requirements. In September, the Ministry of Civil Aviation published specified standards for vertical take-off and landing (VTOL) aircraft seeking Type Certification (TC).
Satya Chakravarthy founded ePlane, which was incubated at IIT Madras in 2019. The company focuses on providing compact, lightweight, and sustainable solutions for urban travel. The business is developing the e200x, an eVTOL aircraft meant to provide up to 7x faster intra-city commutes and cargo delivery, relieving traffic congestion in urban areas.
According to a credible startup data intelligence platform, Chakravarthy held a 28.18% share in the company prior to the most recent investment round, with Speciale Invest owning the largest investor stake (12%).
Earlier this year, InterGlobe Enterprises and US-based Archer Aviation announced intentions to create an all-electric air taxi.Earlier this year, InterGlobe Enterprises and US-based Archer Aviation revealed intentions to create an all-electric air taxi service in India by 2026, covering a 7-minute flight from Connaught Place to Gurugram.
