Chennai-based electric aircraft startup, The ePlane Company, has raised $5 million in Pre-Series A round of funding led by Speciale Invest and Micelio, as it aims for cheaper and environmentally friendly intra-city transportation.
Others who participated in this round include Naval Ravikant, 3one4 Capital, UTEC (University of Tokyo Edge Capital), Anicut Capital, Infoedge backed Redstart Labs, Prashant Pitti (Co-founder of Easemytrip), Thought Ventures, Java Capital, and Firstcheque.vc.
The startup had earlier raised $1 million in March last year. The ePlane Company will use this funding round for hiring, R&D, building prototypes and receiving certifications.