eVTOL player ePlane raises $14 million, anticipates parallel aviation industry & new jobs
ePlane Company, incubated at IIT-Madras and aiming to become one of the main players in India’s electric vertical takeoff and landing (eVTOL) mobility sector, on Friday announced the closure of a $14 million funding round. With this funding, ePlane is poised to become the largest-funded eVTOL player in India, the company said in a statement.
Founder of the startup and IIT-Madras aerospace engineering professor Satya Chakravarthy told ET that the government's support and announcement of certification standards have helped strengthen investor confidence. “Among the new investors, we can clearly see that their conviction about air taxis is much stronger compared to their interest in just commercialising drones,” he said.
The Series B round was co-led by Speciale Invest and Antares Ventures, with continued participation from Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut.
Prime Minister Narendra Modi, at an event in September, stated that air taxis would soon be a “reality in India.” The government’s interest in exploring new transportation modes, given the congestion in urban areas, has provided a potential boost to a parallel aviation industry.
While Chennai based ePlane aims to prototype its aircraft by mid-2025, India could potentially see operational air taxis as early as 2026, with several companies working on the project. Sarla Aviation, in partnership with Bangalore International Airport, is developing an electric aerial vehicle (EAV).
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