It’s expansion time for the Guntur based Magnumwings, the next generation electric air mobility company which came up with six prototypes for humans, cargo and defence. The nine-year-old startup is now looking at raising capital to aid its expansion and mass production of aircraft.
Magnumwings’ founder and Managing Director Abhiram Chava, a U.S. returned aerospace professional, feels the time is ripe enough to take the company to next level.
Air taxi, designed and manufactured in Guntur, clears key structural tests
In an exclusive interaction with The Hindu at his manufacturing facility in Guntur, close to Visakhapatnam-Chennai highway, Mr. Abhiram said: “We are currently operating in three separate facilities but now planning to shift to a single facility of 40,000 sft to place all our software and hardware wings together. We are looking at about Rs 200 crore investment in a couple of months to take the expansion forward. So far, we financed the firm through personal sources and we are now looking at Angel Investors and private equity players.”
At present, the models are stated to be undergoing the 10,000 hour mandatory testing. | Photo Credit: Giri K.V.S.
