Chennai, Dec 3 (PTI): IIT- Madras incubated start-up The ePlane Company on Thursday said it has raised a seed funding from Speciale Invest to be used to augment building critical infrastructure, including flying taxis. The undisclosed investment was led by VC Speciale Invest and FirstCheque, JavaCapital and Sharechat co-founder Farid Ahsan.

The fresh round of financing would allow the company to augment building critical infrastructure and a worldclass team of engineers to develop IP and show early product demonstrations by 2021, a company statement said here.

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"Electric planes can really disrupt aviation over short distances characterising urban aerial mobility. The configuration we are building will enable cost-effective air taxi operations in the future," the company co-founder professor Satya Chakravarthy said.

The startup, incubated at IIT-Madras Incubation Cell, operates from the National Centre for Combustion Research and Development. "We at Speciale Invest believe in the founders' deep- technical insights that are leading them to build a roadmap of electric planes and associated critical infrastructure," Speciale Invest managing partner Vishesh Rajaram said. The ePlane Company is building electric planes which can be used for faster commute within cities at a similar price to road taxi and can also be used for moving cargo in remote and rural areas, the statement said.

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