The ePlane Company Secures $14 Million in Series B Funding to Advance Urban Mobility Solutions
- ByStartupStory | November 14, 2024
The ePlane Company, India’s pioneering electric vertical takeoff and landing (eVTOL) startup, has raised $14 million in a Series B funding round co-led by Speciale Invest and Antares Ventures. The round saw continued support from Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut, marking a significant boost for ePlane as it gears up to become the best-funded eVTOL player in the country.
Satya Chakravarthy, Founder of The ePlane Company, expressed his gratitude and optimism: “We are incredibly grateful to our investors for their continued support. This funding represents a major milestone for ePlane as we work to redefine urban mobility and lead the charge in India’s eVTOL 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. With our technological advancements and our committed team, we are paving the way for the future of urban transport.”
The newly secured funding will support ePlane’s efforts to obtain global regulatory certifications, expedite commercialization, and develop its manned aircraft. The company plans to begin flight testing in mid-2025, a crucial step toward achieving global eVTOL standards. Additionally, the funds will facilitate the expansion of ePlane’s drone technology through a wholly-owned subsidiary and bolster its prototyping and testing facilities.
Backing ePlane’s mission, Vishesh Rajaram, Managing Partner at Speciale Invest, stated, “ePlane has demonstrated exceptional leadership and innovation in the eVTOL space. Their commitment to solving urban mobility challenges through sustainable, tech-driven solutions is evident, and we’re thrilled to continue backing their vision. As pioneers in this space, ePlane’s impact on reshaping urban transport in India and beyond will be transformative.”
Since its last funding round, ePlane has made notable progress in its product development and technology innovation. The company has validated several essential subsystems and expanded its intellectual property portfolio, laying a solid foundation for scaling its technology to broader commercial applications. With advancements in its eVTOL technology and increased financial backing, ePlane is on track to make flying vehicles a feasible part of urban transportation.
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