The electric vertical take-off and landing (eVTOL) startup in January 2025 raised $10 million in a funding round led by Accel. Angel investors including Flipkart cofounder Binny Bansal, Zerodha cofounder Nikhil Kamath and Swiggy’s Sriharsha Majety had also participated in the round.
The latest funding by IndiGo was done at the Accel round valuation, according to people familiar with the development.
Queries sent to IndiGo Ventures and Sarla Aviation remained unanswered till press time.
IndiGo’s parent company, InterGlobe Enterprises, in November 2023 had announced a partnership with Archer Aviation, a competitor in the eVTOL segment to launch flying taxis in Delhi, Mumbai and Bengaluru in 2026. The partnership was non-binding and has now fallen through, as per people in the know.
“Archer couldn’t deliver on the timelines they committed to. IndiGo didn’t lose appetite for the space,” said one of the persons, who did not wish to be identified.
Other eVTOL companies with a major airline as a direct equity backer include US-based Joby Aviation, which is backed by Delta Airlines and Toyota Motor Corporation, Archer Aviation secured strategic investment from United Airlines.
Founded in 2023 by engineers Adrian Schmidt, Rakesh Gaonkar and Shivam Chauhan, Sarla Aviation is developing the Shunya eVTOL for urban environments. The aircraft is designed to carry up to 680 kilograms, with a seating capacity for six passengers, excluding the pilot. The flying taxi aims to use existing helicopter landing pads (helipads) at hotels, hospitals and tech parks. The startup plans to launch the taxi in Bengaluru by 2028.
Other companies such as ePlane, BluJ Aerospace and JetSetGo are also vying for a share of this emerging market with some differences in offerings.
Sarla Aviation has so far raised $13.4 million across five rounds.