Electric aircraft innovator, The ePlane Company, has raised $14 million in a Series B funding round co-led by Speciale Invest and Antares Ventures. Key participants in this round include Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut, reinforcing their ongoing support.
Previously, the company secured $5 million in a pre-Series A round in January 2022. This fresh infusion of funds will drive ePlane’s efforts to achieve global regulatory certifications and expedite the commercialization of its electric vertical takeoff and landing (eVTOL) aircraft. The company also plans to enhance its prototyping and testing infrastructure to align with international eVTOL standards.
India’s Ministry of Civil Aviation recently introduced specific requirements for VTOL aircraft to secure Type Certification (TC), adding momentum to innovations in this space.
Founded in 2019 by Satya Chakravarthy and incubated at IIT Madras, The ePlane Company focuses on designing compact and sustainable urban mobility solutions. Its flagship product, the e200x eVTOL aircraft, aims to revolutionize intra-city travel and cargo transport by offering speeds up to seven times faster than traditional options, addressing urban congestion challenges.
As per data from TheKredible, Chakravarthy held a 28.18% stake in the company prior to the funding, while Speciale Invest remains the largest institutional investor with a 12% stake.
Meanwhile, the urban air mobility space in India is witnessing growing interest. Earlier this year, InterGlobe Enterprises and US-based Archer Aviation announced plans to launch an all-electric air taxi service in India by 2026, aiming to reduce commute times, such as a 7-minute journey from Connaught Place to Gurugram.