  The Gaia Alert System issued an alert on 2020 August 28, on Gaia 20eae when
its light curve showed a $\sim$4.25 magnitude outburst. We present
multi-wavelength photometric and spectroscopic follow-up observations of this
source since 2020 August and identify it as the newest member of the FUor/EXor
family of sources. We find that the present brightening of Gaia 20eae is not
due to the dust clearing event but due to an intrinsic change in the spectral
energy distribution. The light curve of Gaia 20eae shows a transition stage
during which most of its brightness ($\sim$3.4 mag) has occurred at a short
timescale of 34 days with a rise-rate of 3 mag/month. Gaia 20eae has now
started to decay at a rate of 0.3 mag/month. We have detected a strong P Cygni
profile in H$\alpha$ which indicates the presence of winds originating from
regions close to the accretion. We find signatures of very strong and turbulent
outflow and accretion in Gaia 20eae during this outburst phase. We have also
detected a red-shifted absorption component in all the Ca II IR triplet lines
consistent with signature of hot in-falling gas in the magnetospheric accretion
funnel. This enables us to constrain the viewing angle with respect to the
accretion funnel. Our investigation of Gaia 20eae points towards magnetospheric
accretion being the phenomenon for the current outburst.

Solar and Stellar Astrophysics;Astrophysics of Galaxies