The ePlane Company Raises $14 Mn To Advance eVTOL Development

The ePlane Company has bagged $14 Mn in its Series B funding round, co-led by Speciale Invest and Antares Ventures, with participation from Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisor, Redstart (from Naukri), and Anicut.

The funding will help the startup obtain global regulatory certifications and advance its commercialisation plans. 

A part of the funds will also be used to develop and certify its manned aircraft, with flight testing scheduled for mid-2025. It also plans to scale its drone technology through a wholly owned subsidiary and enhance its prototyping and testing facilities to meet global electric vertical take-off and landing (eVTOL) standards.

“… This funding is an important milestone as we move forward with our vision for urban mobility and aim to lead India’s eVTOL sector,” Satya Chakravarthy, founder and CEO of The ePlane Company, told Inc42. “Safety, sustainability, and innovation remain central to our strategy, and this investment will help us bring aerial mobility closer to reality.”

Founded by Chakravarthy in 2019, The ePlane Company is focused 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 has two different brands within its business structure –  ePlane and Amber Wings. While the ePlane brand focuses on the development of manned eVTOL aircraft, including air ambulances and air taxis, the Amber Wings brand is developing unmanned aerial vehicles (UAVs) or drones, ranging from agricultural drones to logistics and inspection drones. 

ePlane’s Push Towards eVTOL Commercialisation

While both brands stem from The ePlane Company’s technological foundation, Chakravarthy said that there is a possibility of spinning off Amber Wings into a separate entity in near future. 

The decision will depend on the success and scale of commercialisation efforts in the coming months. 

The startup’s agricultural drones and a 2 kg payload eVTOL drone, according to Chakravarthy, are set for certification by early 2025.  These drones, aimed at logistics, inspections, and long-distance deliveries, have already attracted interest from sectors such as agriculture and logistics.

The startup has received design approval from India’s Directorate General of Civil Aviation (DGCA), and prototype fabrication is set to begin by the end of 2024.

“Last year, we received design approval from the DGCA, and the design is now finalised. We are focusing on detailed engineering and will begin fabricating the first prototype by the end of this year, with flight tests expected in mid-2025,” Satya explained.

While The ePlane Company has not yet generated revenue, Satya expects modest earnings of around $1 Mn to $2 Mn for FY25, driven by its commercial agricultural drones and smaller eVTOL models. Revenue is expected to grow after 2025, as the startup commercialises its air ambulance and air taxi systems.

The startup is also targeting international markets, focusing initially on Southeast Asia and the Middle East. 

Going ahead, The ePlane Company will continue its certification process for its manned eVTOL aircraft, aiming to enter the air taxi and air ambulance markets. 

“We expect to launch our air taxi commercially in 2026. Flight tests will begin in the second half of 2025, and we aim to complete certification by 2026,” Chakravarthy said.

It may also seek further funding. “Revenue is important, but our priority is to stay ahead in the race to develop air taxi technology. This requires substantial investment, which we’ll raise as needed,” Chakravarthy said.

Earlier, the startup raised $5 Mn in its Pre-Series A funding round led by Speciale Invest and Micelio. Its other notable investors include 3one4 Capital, UTEC (University of Tokyo Edge Capital), Anicut Capital, Thought Ventures, Java Capital and Firstcheque.vc.