Chennai-based electric air taxi startup ePlane announced on Thursday that it has raised $14 million in a Series B funding round. The investment was co-led by Speciale Invest (India) and Antares Ventures (Singapore), with contributions from Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart Labs (part of Naukri), and Anicut Capital. This funding is set to accelerate ePlane’s mission to revolutionize urban mobility with cutting-edge electric aviation solutions.
plans to begin testing its manned electric air taxis by mid-2025. The latest funds will be directed toward the development and certification of its electric vertical take-off and landing (eVTOL) aircraft.
With this funding, the startup’s valuation has climbed to $46 million, while its total fundraising to date stands at $21.2 million, underscoring its progress in the rapidly evolving electric aviation sector.
A study by Global Market Insights revealed that the global air taxi market was valued at $2.3 billion in 2023 and is expected to grow significantly, reaching $14 billion by the end of 2032.
eVTOLs aim to transform urban transportation with battery-powered aircraft capable of vertical take-off and landing, offering commuters a way to bypass traffic congestion in bustling metropolitan areas.
Analysts predict that India is poised to become one of the largest markets for eVTOLs, driven by its growing population and the need to navigate congested urban traffic. eVTOL companies are also appealing to commuters with promises of competitive ticket prices, potentially lower than traditional cab fares.
Bengaluru-based Sarla Aviation, a competitor to ePlane, disclosed that its flying taxis could transport passengers across a 38-kilometer stretch between Bengaluru airport and the urban hub of eCity in just 19 minutes, costing approximately $21. In comparison, traditional ride-hailing services like Uber take nearly two hours for the same journey and can cost around $30, especially during surge pricing periods.
The Federal Aviation Administration (FAA), the U.S. civil aviation regulator, finalized comprehensive training and pilot certification rules for flying air taxis last month, marking a significant step toward their deployment. However, only a select few air taxi companies worldwide have obtained certification to commence commercial operations.
Boeing-backed Archer Aviation announced earlier this year its plans to launch operations in India by 2026. The company has partnered with InterGlobe Enterprises, a backer of IndiGo, India’s leading airline, to facilitate its entry into the burgeoning Indian market.
Founded in 2019 by Professor Satya Chakravarthy, ePlane is a team of over 100 experts, including five PhDs and more than 20 Masters graduates from prestigious institutions. Incubated at IIT Madras, the company aims to revolutionize urban mobility with its all-electric, zero-emission air taxi—one of the most compact eVTOL aircraft on the market. Designed to tackle congestion and pollution in cities, ePlane’s solution focuses on mid-mile urban air mobility, positioning itself within the growing $1+ trillion global UAM market.
ePlane holds multiple patents and is the first private Indian company to receive Design Organisation Approval (DoA) from the Directorate General of Civil Aviation (DGCA) for an electric aircraft. Its innovative, compact design enables long-range flights at lower speeds by utilizing powered-down vertical rotors to enhance lift, making it a promising solution for efficient urban air mobility.
