E-Aircraft Startup 'The ePlane Company' wins $14 million in Series B
Co-led by Speciale Invest and Antares Ventures, the an electric aircraft startup ePlane Company has raised $14 million in a Series B fundraising round. Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut have all continued to support the company.
In January 2022, the company raised $5 million in its pre-Series A financing.
According to a press release from the company, the additional funding will be crucial to ePlane's attempts to accelerate its commercialization and obtain international regulatory certifications. In order to comply with international eVTOL (electric vertical takeoff and landing) requirements, ePlane also intends to modernize its prototype and testing facilities.
Vertical take-off and landing (VTOL) aircraft must fulfill certain standards in order to receive Type Certification (TC), according to guidelines released by the Ministry of Civil Aviation in September.
ePlane, which was founded by Satya Chakravarthy and incubated at IIT Madras in 2019, is dedicated to creating sustainable, lightweight, and compact urban mobility solutions. In an effort to alleviate traffic congestion in urban areas, the business is developing the e200x, an eVTOL aircraft that will provide up to seven times faster intra-city trips and cargo delivery.
Prior to the most recent investment round, Chakravarthy owned 28.18% of the business, with Speciale Invest having the highest investor share at 12%, according to startup data intelligence platform TheKredible.
A 7-minute flight from Connaught Place to Gurugram would be provided by an all-electric air taxi service in India by 2026, according to plans earlier this year unveiled by InterGlobe Enterprises and US-based Archer Aviation. IndiGo's parent firm is InterGlobe.
About this strategic funding round Satya Chakravarthy, Founder, ePlane, says, “We are incredibly grateful to our investors for their continued support. This funding represents a major milestone for ePlane as we work to redefine urban mobility and lead the charge in India’s eVTOL sector. Our focus on safety, sustainability, and innovation will remain at the core of our strategy, and this investment will enable us to bring aerial mobility closer to reality. With our technological advancements and our committed team, we are paving the way for the future of urban transport.”
Vishesh Rajaram, Managing Partner, Speciale Invest comments, “ePlane has demonstrated exceptional leadership and innovation in the eVTOL space. Their commitment to solving urban mobility challenges through sustainable, tech-driven solutions is evident, and we’re thrilled to continue backing their vision. As pioneers in this space, ePlane’s impact on reshaping urban transport in India and beyond will be transformative.”
In January 2022, the company raised $5 million in its pre-Series A financing.
According to a press release from the company, the additional funding will be crucial to ePlane's attempts to accelerate its commercialization and obtain international regulatory certifications. In order to comply with international eVTOL (electric vertical takeoff and landing) requirements, ePlane also intends to modernize its prototype and testing facilities.
Vertical take-off and landing (VTOL) aircraft must fulfill certain standards in order to receive Type Certification (TC), according to guidelines released by the Ministry of Civil Aviation in September.
ePlane, which was founded by Satya Chakravarthy and incubated at IIT Madras in 2019, is dedicated to creating sustainable, lightweight, and compact urban mobility solutions. In an effort to alleviate traffic congestion in urban areas, the business is developing the e200x, an eVTOL aircraft that will provide up to seven times faster intra-city trips and cargo delivery.
Prior to the most recent investment round, Chakravarthy owned 28.18% of the business, with Speciale Invest having the highest investor share at 12%, according to startup data intelligence platform TheKredible.
A 7-minute flight from Connaught Place to Gurugram would be provided by an all-electric air taxi service in India by 2026, according to plans earlier this year unveiled by InterGlobe Enterprises and US-based Archer Aviation. IndiGo's parent firm is InterGlobe.
About this strategic funding round Satya Chakravarthy, Founder, ePlane, says, “We are incredibly grateful to our investors for their continued support. This funding represents a major milestone for ePlane as we work to redefine urban mobility and lead the charge in India’s eVTOL sector. Our focus on safety, sustainability, and innovation will remain at the core of our strategy, and this investment will enable us to bring aerial mobility closer to reality. With our technological advancements and our committed team, we are paving the way for the future of urban transport.”
Vishesh Rajaram, Managing Partner, Speciale Invest comments, “ePlane has demonstrated exceptional leadership and innovation in the eVTOL space. Their commitment to solving urban mobility challenges through sustainable, tech-driven solutions is evident, and we’re thrilled to continue backing their vision. As pioneers in this space, ePlane’s impact on reshaping urban transport in India and beyond will be transformative.”
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