Electric aircraft startup The ePlane Company has raised $14 million in Series B funding round co-led by Speciale Invest and Antares Ventures, with continued backing from Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut.
The firm previously raised $5 million in its pre-Series A round in January 2022.
The new capital will be pivotal in ePlane’s pursuit of global regulatory certifications and acceleration of its commercialization efforts, the company said in a press release. Additionally, ePlane plans to upgrade its prototyping and testing facilities to meet global eVTOL (electric vertical takeoff and landing) standards.
In September, the Ministry of Civil Aviation issued specific requirements that Vertical take-off and landing (VTOL) aircraft must meet to obtain Type Certification (TC).
Founded by Satya Chakravarthy and incubated at IIT Madras in 2019, ePlane focuses on developing compact, lightweight, and sustainable solutions for urban mobility. The company is working on the e200x, an eVTOL aircraft designed to offer up to 7x faster intra-city commutes and cargo transport, aimed at reducing traffic congestion in urban areas.
According to startup data intelligence platform TheKredible, Chakravarthy held a 28.18% stake in the company before the latest funding round, with Speciale Invest holding the largest investor stake at 12%.
Earlier this year, InterGlobe Enterprises and US-based Archer Aviation announced plans to launch an all-electric air taxi service in India by 2026 to offer a 7-minute route from Connaught Place to Gurugram. InterGlobe is the parent company of IndiGo.
By Entrackr : Latest Posts
Source: Entrackr : Latest Posts