ePlane Company Plans $40-50 Million Series C Funding for Electric Aircraft
Electric aircraft company The ePlane Company is intending to secure $40–50 million in a Series C funding round. The Economic Times, which initially reported this information, noted that Speciale Invest will co-lead the round, which is expected to consist of a blend of equity and convertible instruments. Based in Chennai, the company has previously raised $20 million from Speciale Invest and other investors to date. The report highlighted that this funding will be utilised to speed up aircraft development, broaden engineering capabilities, and facilitate certification processes. The company is also gearing up for commercial launch in the near future. Startup Superb has sought comments from ePlane regarding this development.
Founded in 2019 by Satya Chakravarthy, ePlane is creating AI-driven electric flying cars aimed at taxi services, featuring a two-seater capacity, vertical takeoff, and an impressive range of 200 km. These vehicles cater to both passenger and cargo transportation needs.
In February of the previous year, the Chennai-based company made headlines by agreeing to provide 788 air ambulances in a transaction valued at over $1 billion. Additionally, last year, InterGlobe Enterprises and US-based Archer Aviation revealed plans to introduce an all-electric air taxi service in India by 2026, offering a swift 7-minute route from Connaught Place to Gurugram. Notably, InterGlobe is the parent company of IndiGo.
