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The ePlane Company Seeking USD$20 million in Series A Round
The ePlane Company (TEC), a Chennai-based eVTOL manufacturer, aims to raise USD$20 million in its Series A investment round.
The money received will be used to continue developing a prototype of its e200 air taxi, building infrastructure, hiring talented personnel, and for expansion purposes.
Satyanarayanan Chakravarthy, TEC’s co-founder and technical lead, said in addition to building the e200, the firm also plans to keep flight testing its e50 eVTOL drone.
“The company will continue to rigorously test the present e50 version while progressing with the e200 development,” he said.
The Series A capital raise comes after the company procured USD$1 million from a seed round in March 2021. A further USD$5 million was obtained from pre-series A funding in January 2022.
Chakravarthy added TEC’s e200 could assist in alleviating the traffic jams in major Indian cities such as Mumbai, Delhi, and Bengaluru. By utilizing the company’s eVTOL, commuters can reach their destinations 10 times faster and at the same cost as taking a taxi.
The e200 aircraft is fully electric and can carry two passengers over a total distance of 200 kilometers.
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