The ePlane Company plans $40–50 Mn funding in Series C round: Report

Electric aircraft company The ePlane Company is reportedly planning to raise $40–50 million in a Series C funding round.

The Economic Times, which first reported the development, said that Speciale Invest will co-lead the round, which is expected to be a mix of equity and convertible instruments. The Chennai-based company has raised $20 million from Speciale Invest and others to date. 

The report added that the funding will be used to accelerate aircraft development, expand engineering capabilities and support certification processes. The company is also preparing for commercial deployment in the coming years.

Entrackr has reached out to ePlane for comments

Founded in 2019 by Satya Chakravarthy, ePlane develops AI-based electric flying cars for taxi services, featuring a two-seater capacity, vertical takeoff, and a 200 km range. These vehicles are designed for both cargo and passenger transportation.

Back in February last year, the Chennai-based company had agreed to supply 788 air ambulances in a deal valued at more than $1 billion.

Last year, InterGlobe Enterprises and US-based Archer Aviation also announced plans to launch an all-electric air taxi service in India by 2026 to offer a 7-minute route from Connaught Place to Gurugram. InterGlobe is the parent company of IndiGo.