An electric aircraft company, The ePlane Company, is in the process of raising $40–50 million in a Series C funding round, as reported by The Economic Times. Speciale Invest is set to co-lead the round, which will likely involve a mix of equity and convertible instruments. The Chennai-based company has already secured $20 million from Speciale Invest and other investors.
The upcoming funding is earmarked for accelerating aircraft development, enhancing engineering capabilities, and supporting certification processes. The company is gearing up for future commercial deployment.
Founded in 2019 by Satya Chakravarthy, ePlane specializes in developing AI-based electric flying cars designed for taxi services. These vehicles boast a two-seater capacity, vertical takeoff, and a range of 200 km, catering to both cargo and passenger transportation needs.
In a previous deal, ePlane agreed to provide 788 air ambulances, valued at over $1 billion. Additionally, InterGlobe Enterprises and US-based Archer Aviation have revealed intentions to launch an all-electric air taxi service in India by 2026, offering a swift 7-minute route from Connaught Place to Gurugram. InterGlobe Enterprises is the parent company of IndiGo.
Source: Entrackr : Latest Posts