Chennai-based startup The ePlane Company has raised $5 million (about Rs 37 crore) in pre-Series A round of funding to develop flying taxis. The funding round was led by deep-tech venture capitalist Speciale Invest and climate-focussed fund Micelio.
In March last year, the company had raised $1 million. It currently employs 36 people.
A consortium of investors, including Naval Ravikant, Prashant Pitti (Co-Founder of Easemytrip), Anicut Capital, Infoedge, UTEC (University of Tokyo Edge Capital), 3one4 Capital, Thought Ventures, Java Capital and Firstcheque.vc participated in the funding round, news agency PTI reported.
The funds will help bolster talent hiring, advance R&D gain airworthiness provision and initiate certification, the company said.
“The funding we have received demonstrates the confidence investors have in us. We are grateful for the support from both our Indian and foreign investors,” PTI quoted The ePlane Company Co-Founder Pranjal Mehta as saying.
Founded in 2017 at IIT…