A few months ago, I came across a story about a Chennai-based startup building India’s first electric flying taxi — and I haven’t stopped thinking about it since. The ePlane Company, incubated at IIT Madras, unveiled a full-scale prototype of their e200X aircraft this year, signed a partnership with Apollo Hospitals for electric air ambulances, and became the first private Indian company to receive Design Organisation Approval from the DGCA for an electric aircraft. That’s a genuinely big deal, and it’s happening in my own city.
It got me thinking about something I suspect a lot of people wonder when they read a story like this: could I actually invest in a company like this before it goes public? Here’s the honest answer, and what I learned digging into unlisted shares in India as a category.
Founded in 2019 by Prof. Satya Chakravarthy and incubated at IIT Madras, The ePlane Company (operating as Ubifly Technologies Pvt Ltd) has raised $21.5 million so far from investors including Speciale Invest, Antares Ventures, Micelio Mobility, and Naval Ravikant. Their e200X prototype — a 2,200 kg aircraft carrying one pilot plus 200kg of payload — was unveiled at the Farnborough International Airshow in 2026, alongside five new manufacturing partnerships to build out their supply chain. They’re reportedly targeting certification flights by mid-2027 and commercial air ambulance operations from 2028, with over 800 aircraft already in orders.
It’s a genuinely inspiring build — patented technology, real regulatory milestones, real hospital partnerships, not just a flashy concept video.
Here’s where I have to be honest rather than exciting: realistically, no — not directly, and not easily. ePlane is currently in a Series B-stage private funding round (reportedly raising $40-50 million as of early 2026), years away from any public listing. Retail-facing unlisted-share platforms in India typically deal with much later-stage, closer-to-IPO companies — think NSE itself, PhonePe, or Zepto — not early-stage deep-tech ventures still years from commercial revenue. Direct access to a company at ePlane’s stage generally requires being an accredited investor, a venture fund LP, or part of an angel syndicate — not something available through a retail app.
That said, ePlane’s story is a genuinely good entry point into a real, growing category of Indian retail investing: unlisted and pre-IPO shares in general — for companies that are further along than ePlane is. Here’s what I learned about how that actually works.
Unlisted shares are equity in companies that haven’t listed on the NSE or BSE yet. For companies far enough along — those with an active secondary market of existing shareholders willing to sell — retail investors can sometimes buy in through specialized platforms, with shares transferred to your Demat account via an off-market CDSL/NSDL transfer, typically within 1-3 business days.
In a press release around 18 June 2026, SEBI explicitly cautioned investors against buying or selling unlisted shares through unauthorised online platforms — a warning that’s directly relevant if you’re considering this category at all. This isn’t a small-print technicality; SEBI issued it specifically because investor interest in pre-IPO opportunities has been rising fast, and not every platform advertising unlisted shares is operating within a properly regulated framework. Before using any platform, verify its regulatory standing directly rather than trusting marketing claims — this is genuinely an area where doing that homework matters.
If you sell within 24 months, gains are added to your regular income and taxed at your income tax slab rate. Beyond 24 months, gains qualify as long-term and are currently taxed at a flat 12.5% without indexation — consistent with the broader capital gains tax changes that took effect for most asset classes after Budget 2024.
I don’t think everyday retail investors should treat unlisted shares as a core part of a portfolio — the illiquidity and disclosure risks are real, not theoretical. But as a way to genuinely participate in India’s growth story beyond the usual listed names, it’s a real category worth understanding, even if a specific company like ePlane isn’t accessible through it yet. If ePlane succeeds and eventually approaches an IPO years from now, it might become one of the companies retail investors can access this way — for now, it’s simply a genuinely exciting company to watch build something real out of Chennai.
Can I invest in The ePlane Company directly?
Not realistically as a retail investor — it’s currently in a private Series B-stage funding round, and access to companies at this stage typically requires being an accredited investor or part of a venture fund, not something available through retail platforms.
Is buying unlisted shares safe in India?
It carries genuinely higher risk than listed equity — illiquidity, opaque pricing, and limited disclosure are real factors. SEBI has also specifically warned against unauthorised platforms as of June 2026, so verifying any platform’s regulatory standing before using it matters.
How are unlisted shares taxed in India?
Gains within 24 months are taxed at your income slab rate; beyond 24 months, gains are taxed at a flat 12.5% without indexation, matching the broader capital gains rules for most assets after Budget 2024.
See also our guide to capital gains tax in India and best demat accounts for the account you’d need before considering this category.
