The ePlane Company Looking To Raise Up To $50 Mn

SUMMARY

The funding would enable the company to aid its process of manufacturing three prototypes by 2026 and set the stage for its first launch

As per the company’s founder and CEO Chakravarthy, the proposed funding round will likely be followed by another fundraise next year

This comes close on the heels of The ePlane Company entering into a strategic partnership with Dubai-based Empire Aviation Group

Chennai-based advanced air mobility startup The ePlane Company is reportedly planning to raise $30-50 Mn in its Series C funding round.

The funding would enable the company to aid its process of manufacturing three prototypes by 2026 and set the stage for its first launch, Mint reported.

Further, the proposed funding round will likely be followed by another fundraise next year, the report said, citing ePlane’s founder and chief executive Satyanarayan Chakravarthy.

However, the potential valuation of the company remains undisclosed.

Inc42 has reached out to The ePlane Company for comments on the development. The story will be updated based on the response.

This comes close on the heels of The ePlane Company entering into a strategic partnership with Dubai-based Empire Aviation Group to deploy electric vertical takeoff and landing (eVTOL) vehicles across India, UAE, Thailand and Indonesia.

The partnership is aimed at fast-tracking the deployment of eVTOL air taxis and air ambulances across India and the aforementioned international markets, laying the groundwork for global expansion in urban air mobility.

Prior to that, ePlane also partnered with Tata Group-owned IT giant Tata Consultancy Services to develop electric air mobility solutions for passenger and cargo transportation, in January.

Founded by Satya Chakravarthy in 2019, The ePlane Company is focussed on creating compact, lightweight, and sustainable solutions for urban mobility. It is currently developing e200x, an eVTOL aircraft designed to provide faster intra-city commutes and cargo transport, and reduce traffic congestion in urban centres.

The startup previously bagged $14 Mn in its Series B funding round with an aim to obtain global regulatory certifications and advance its commercialisation plans, while it also planned to use the funds to scale its drone technology.

ePlane is backed by Speciale Invest, Antares Ventures, 3one4 Capital, Anicut Capital, Thought Ventures and Firstcheque.vc, among others.

Updated at 02:23 PM