Flying taxi startup The ePlane Company Thursday said it has raised $14 million (Rs 118 crore) in a funding round, co-led by Speciale Invest and Antares Ventures, with participation from some existing investors, including Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut.
The company plans to use the fresh capital for global regulatory certifications and to accelerate its commercialisation efforts. The funds will primarily support the development and certification of ePlane's manned aircraft, with flight testing planned for mid-2025, the company said in a release.
In addition to expanding the company’s technical capabilities, the investment will help scale up the commercialization of ePlane’s drone technology through a wholly-owned subsidiary. Further, ePlane will improve its prototyping and testing facilities to align with global standards.
“This funding represents a major milestone for ePlane as we work to redefine urban mobility and lead the charge in India’s eVTOL (electric vertical take-off and landing) 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,” said Satya Chakravarthy, founder and chief executive officer of ePlane.
The IIT-Madras- and Kerala Startup Mission-incubated company had previously raised $5 million in a funding round led by Speciale Invest and climate-focused fund Micelio in January 2022. The company claimed that since its previous funding round, it has made substantial progress in its product development, including successfully validating several key subsystems and expanding its intellectual property portfolio.
Its other investors include Naval Ravikant, 3one4 Capital, UTEC (University of Tokyo Edge Capital), Prashant Pitti, co-founder of EaseMyTrip, Thought Ventures, and Firstcheque.vc.
