Flying taxi startup The ePlane Company raises $5M in funding led by Speciale Invest & Micelio
Chennai-based flying taxis launch The ePlane Company has raised $ 5 million (approximately Rs 37 crore) in a new funding round led by Speciale Invest and the EV / Climate-funded EV / fund. The funding announcement comes ten months after collecting $ 1 billion in the seed cycle.
The new round also marks the contribution of angel investor Naval Ravikant, 3one4 Capital, UTEC (University of Tokyo Edge Capital), Anicut Capital, Infoedge sponsored by Redstart Labs, Prashant Pitti (Co-founder of Easemytrip), Thought Ventures, Java Capital, and First.
The company Plane, which has now raised $ 6 million in funding so far, plans to use the money raised through Hiring, Research, and Development (R&D), building prototypes, and obtaining certificates.
The initiative, hosted at IIT Madras by Professor Satya Chakravarthy and Pranjal Mehta, aims to build a world-class flying taxi called e200 passenger and freight transport that can help reduce traffic congestion and emissions and reduce the risk of road accidents.
It is worth mentioning that the company has already tested the prototype of the lab-scale and will be making a complete model by April this year.
“The USP is that we are making the world’s most integrated flying taxi, with a mixed design using rotors and wings, and a subscale prototype that makes it fly faster than e-aircraft with compact wings would be needed,” said Pranjal Mehta.
He added that the product would not have the basic infrastructure needs and could make the city go ten times faster than the cost of taxi fares.
With a group of 36 people, Start tested the reduced prototype and expects its first cargo plane to be ready by early next year.
Vishesh Rajaram, Managing Partner, Speciale Invest, said, “The ePlane Company is one of the few companies with a vision to create technology that will make India independent. It goes hand in hand with our vision of supporting disruptive companies that solve global problems through the introduction of technology very efficiently. ”
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