‘Flying taxi’ developer The ePlane Company secures $14 million funding

With this funding, ePlane is poised to become the largest-funded electric vertical take-off and landing (eVTOL) player in India

Chennai-headquartered The ePlane Company, which is in the electric vertical take-off and landing (eVTOL) space, has closed a $14 million funding round. eVTOLs are air taxis or flying taxis that are similar to a helicopter. They are typically designed to carry around two to six passengers, including the pilot.

This funding round was co-led by Speciale Invest and Antares Ventures, with continued participation from Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut. With this funding, ePlane is poised to become the largest-funded eVTOL player in India.

The startup said that the new capital would be pivotal in ePlane’s pursuit of global regulatory certifications and accelerating its commercialisation efforts. The funds will primarily support the development and certification of ePlane’s manned aircraft, with flight testing planned for mid-2025. In addition to expanding the company’s technical capabilities, the investment will help scale up the commercialisation of ePlane’s drone technology through a wholly-owned subsidiary. Further, ePlane will enhance its state-of-the-art prototyping and testing facilities to ensure alignment with global eVTOL standards.

The startup also mentioned that since its previous funding round, it has made progress in its product development. The company has validated several key subsystems and expanded its intellectual property portfolio. Satya Chakravarthy, Founder and CEO of ePlane, said, “This investment will enable us to bring aerial mobility closer to reality.”

Vishesh Rajaram, Managing Partner at Speciale Invest, said ePlane’s commitment to solving urban mobility challenges through sustainable, tech-driven solutions is evident, and that they are thrilled to continue backing their vision. Michael Gryseels, Founder and Managing Partner at Antares Ventures, said: “We are committed to supporting their next phase of growth as they commercialise their technology and making aerial transport and logistics a reality”

Founded by Satya Chakravarthy and incubated at IIT Madras in 2019, The ePlane Company aims to revolutionise urban transportation. The company is developing the e200x, an eVTOL aircraft designed to provide up to 7x faster intra-city commutes and cargo transport, reducing traffic congestion in urban centres. ePlane focuses on creating compact, lightweight, and sustainable solutions for urban mobility.

Published - November 14, 2024 02:04 pm IST