Electric air taxi maker ePlane plans largest fundraise ever

Chennai-based startup, preparing to manufacture three prototypes by 2026, eyes $30-50 mn

- Shouvik Das

Chennai-based electric air taxi startup The ePlane Co is looking to raise another $30-50 million as it prepares to manufacture three prototypes by 2026 and set the stage for its first launch.

The startup has been conservative in tapping investors so far, securing $20 million since it was founded in 2019. That includes the $14 million it raised in November from venture capital firm Speciale Invest and others.

Plane's proposed series funding round will likely be followed by another one next year, founder and chief executive Satyanarayan Chakravarthy said, without disclosing a potential valuation.

"We are open to receiving up to $100 million in our next funding round if investors align with our vision and targets," Chakravarthy told Mint.

"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."

The startup, incubated at the Indian Institute of Technology (IIT), Madras, was the first to propose a domestically built air taxi.

The Directorate General of Civil Aviation (DGCA) has issued three sets of rules on aircraft standards, landing ports and pilot training for air taxis-with maintenance and air traffic regulations still pending.