**The ePlane Co: Pioneering Air Taxi Development with Ambitious Fundraising Goals**
The ePlane Co, an innovative startup founded by former professor Satyanarayan Chakravarthy from IIT Madras, is making strides in the air taxi industry. The company is planning to raise up to $100 million through two fundraising rounds as it prepares to manufacture prototypes of its electric air taxis.
Based in Chennai, the startup aims to conduct air taxi trials in Gujarat and Andhra Pradesh later this year, with plans to launch commercial services by early 2027. Currently, The ePlane Co is seeking an additional $30-50 million to support the production of three prototypes by 2026, marking a significant step towards its inaugural launch. Since its inception in 2019, the company has been cautious in attracting investors, having raised $20 million to date, including $14 million from venture capital firm Speciale Invest last November.
Chakravarthy indicated that the upcoming Series C funding round will likely be followed by another fundraising effort next year, although he did not disclose 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,” he stated. He emphasized the capital-intensive nature of the air taxi sector, noting that the next two funding rounds will be crucial as the company aims to commence revenue-generating operations by late 2026 or early 2027.
The ePlane Co, which originated from IIT Madras, is the first to propose a domestically manufactured air taxi. The Directorate General of Civil Aviation (DGCA) has already established three sets of regulations concerning aircraft standards, landing ports, and pilot training for air taxis, while maintenance and air traffic regulations are still in development. Recently, the DGCA identified five locations in Gujarat and Andhra Pradesh for controlled testing of air taxis, with trial flights expected to begin by the end of this year.
Chakravarthy, who holds a PhD in aerospace engineering from the Georgia Institute of Technology, transitioned from academia to focus on his startup in late 2020, although he resumed limited teaching in August of the previous year.
In a significant move to expand its operations, The ePlane Co recently entered into a non-binding agreement with the International Critical-care Air Transfer Team (ICATT) to provide 788 air ambulances, a deal tentatively valued at $1 billion.
