ePlane Company bags $14M in Series B funding co-led by Speciale Invest, Antares Ventures

The ePlane Company, a player in India’s electric vertical takeoff and landing (eVTOL) space, has bagged $14 million in a Series B funding round co-led by Speciale Invest and Antares Ventures.

Micelio Mobility, Naval Ravikant, Homage Ventures (Aditya Ghosh), Java Capital, Samarthya Investment Advisors, Redstart Labs (from Naukri), and Anicut, participated in the round.

The funds will primarily be used for the development and certification of ePlane’s manned aircraft, with flight testing planned for mid-2025.

Alongside expanding the company’s technical capabilities, the investment will support the scaling and commercialisation of ePlane’s drone technology through a wholly-owned subsidiary.

Additionally, ePlane will upgrade its advanced prototyping and testing facilities to meet global eVTOL standards.

“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,” Vishesh Rajaram, Managing Partner at Speciale Invest, remarked.

Rajaram added that ePlane’s impact on reshaping urban transport in India and beyond will be transformative.

Founded by Professor Satya Chakravarthy and incubated at IIT Madras in 2019, ePlane Company aims to revolutionise urban transportation with a focus on creating compact, lightweight, and sustainable solutions for urban mobility.

The Chennai-based firm is developing the e200x, an eVTOL aircraft designed to provide up to 7x faster intra-city commutes and cargo transport, reducing traffic congestion in urban centres.

“Their commitment to innovation, sustainability, and technology-driven solutions positions them at the forefront of the eVTOL sector in Asia. We are committed to supporting their next phase of growth as they commercialise their technology and making aerial transport and logistics a reality,” Michael Gryseels, Founder and Managing Partner of Antares Ventures, noted.

Since its last funding round, ePlane has made significant strides in product development, successfully validating several key subsystems and expanding its intellectual property portfolio.

“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,” said Professor Satya Chakravarthy, Founder and CEO of ePlane.

Prior to this funding round, the startup had received $5.85 million, including $5 million in a pre-Series A round led by Speciale Invest and Micelio in 2022.

The startup was in talks with investors for a funding round which was to be around $10 million, it had confirmed during an earlier interaction with YourStory.

The Chennai-based firm received its Design Organisation Approval from the Directorate General of Civil Aviation last year, making it the first private Indian company to receive the certificate for an electric aircraft.