India's first flying taxi startup 'The ePlane Company' is planning to raise $30 to $50 million as it prepares for its first launch. The company, which aims to launch electric planes for intra-city travel, is preparing to manufacture three prototypes by 2026, Mint reported.
Moneycontrol couldn't independently verify the report.
This comes after the Chennai-based startup raised $14 million from venture capital firm Speciale Invest and others in a Series B funding round in November last year. The company has so far raised $20 million since it was founded in 2019.
The ePlane Company Founder and CEO Satyanarayanan Chakravarthy told the publication that the proposed Series C funding round will be followed by another one next year. He however didn't disclose the valuation at which the funds are set to be raised.
"We are open to receiving up to $100 million in our next funding round if investors align with our vision and targets," Chakravarthy was quoted as saying.
"This is a capital-intensive field since it involves the manufacturing of the air taxis themselves, and the next two funding rounds will be key as we commence commercial, revenue-generating operations by end-2026 or early 2027," he added.
The startup, which was co-founded by Aerospace Engineering professor Satyanarayanan Chakravarthy and IIT Madras graduate Pranjal Mehta, has already flown a lab-scale prototype of the electric flying taxi, e200, which they claim can significantly cut down travel time for door-to-door commute in cities at just 1.5 times the fare of regular taxis.
Earlier this month, the company said that it has agreed to supply 788 air ambulances in a deal valued at more than $1 billion.
The ePlane Company is targeting commercial operations by the latter half of 2026, with an initial production of 100 units a year, Chakravarthy told Reuters in an interview.
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