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Indian air taxi startup ePlane Co raises $14 mln; eyes mid-2025 testing

The ePlane Business, an Indian electric air taxi startup, has actually raised $14 million as it sets its sights on starting manned air taxi testing by mid2025, it stated on Thursday.

The funds will be used for the development and certification of its manned electric vertical launch and landing (eVTOL). airplane, ePlane, which raised the money in a Series B financing. round, co-led by Speciale Invest and Antares Ventures, according. to a statement.

The fundraise provides the Chennai-based firm a post-money. appraisal of $46 million, up from $21.2 million in December. 2021. So far, it has raised $19.85 million.

eVTOLs are looking for to transform urban travel by. developing battery-powered airplane that can take off and land. vertically, giving commuters a possibility to avoid traffic snarls in. busy metropolitan areas.

Analysts say India is primed to be amongst the biggest markets. for the sector as its growing population tries to find ways to avoid. rush hour in cities. eVTOL business promise competitive. ticket prices, which can be less expensive than cab fares.

The worldwide air taxi market was valued at $2.3 billion in. 2023 and is projected to be worth $14 billion by end-2032, a

study

by Global Market Insights showed.

ePlane rival Sarla Aviation stated it will cost travelers. about $21 to cover a near-38 kilometre stretch between Bengaluru. airport and a city area called eCity in 19 minutes, using. its flying taxis. Conventional ride-hailing taxis, such as Uber. , can take about 2 hours to cover the exact same range and. cost around $30, considering surge rates.

Last month, the Federal Air Travel Administration, the U.S. civil aviation regulator, completed thorough training and. pilot accreditation rules for flying air taxis, resolving a secret. difficulty to their release.

Only a handful of air taxi business have gotten. certificates to begin business operations internationally.

Boeing-backed Archer Aviation said previously this. year it intends to begin its India operations by 2026. It has. partnered with InterGlobe Enterprises, which backs IndiGo. , India's top airline.

(source: Reuters)