Akasa Air, India’s fastest-growing airline, has signed agreements with marquee investors to infuse fresh capital into the airline. A consortium of India’s finest investors, including Premji Invest – the global investment arm of Mr Azim Premji, Claypond Capital – the investment office of Dr Ranjan Pai and funds managed by 360 ONE Asset, a leading asset management firm, has signed investment agreements with Akasa Air.
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Independently, the Jhunjhunwala family has also committed to an additional capital infusion into Akasa Air. Akasa Air extends its gratitude to these marquee investors for placing their confidence in the airline and the future of civil aviation in India.
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Akasa Air also extends its gratitude to the estate of Mr Rakesh Jhunjhunwala for their continued confidence in the Akasa vision and business. All these agreements are subject to regulatory approval.
The funds raised will fuel Akasa Air’s path to becoming one of the top 30 airlines in the world by the end of this decade, enabling the airline to further its unique contribution to India’s extraordinary growth as an aviation hub. These investments will be utilised to power Akasa Air’s ambitious growth plans and further strengthen the airline’s commitment to enhancing customer experience through continued investments in safety, reliability and cutting-edge technology. It will also drive international expansion and enable Akasa to solidify its promise to its employees by fostering a high-quality work environment for top talent.
Commenting on the announcement, Vinay Dube, Founder and CEO, Akasa Air said, “These are not just financial transactions, they are an investment in our vision and commitment to building an airline for generations. We are thankful to our marquee investors for placing their confidence in Akasa Air and its leadership and to the Jhunjhunwala family for their unwavering faith in the Akasian dream. These investment agreements will empower us to build on the future that every Akasian has envisioned – one that’s bright for each of us as well as for all of India, as we transform the way customers experience air travel.”
Ankur Goel, Chief Financial Officer, Akasa Air said, “At Akasa Air, there is nothing that we do for the short term. These strategic investments represent a pivotal milestone in our journey and ensure long-term financial stability, enabling us to continue building a sustainable, future-focused business. Akasa Air continues to be well-capitalised, and these investments allow us to secure enduring, sustainable growth, with a financial safeguard to weather any unexpected challenges, thus reinforcing our readiness for the future. The airline is proud to have earned the confidence of marquee investors, who have chosen to believe in our dream and join us in our journey towards actively shaping the future of Indian aviation”.
The investment transactions now await requisite regulatory approvals.
About Akasa Air
Akasa Air is India’s most dependable airline, offering warm and efficient customer service, reliable operations, and affordable fares – all in the Akasa Way. Akasa’s youthful personality, employee-centric philosophy, tech-led approach, and culture of service make this commitment a reality for all Indians.
Akasa Air’s consistent on-time leadership, operational efficiencies and extremely positive customer feedback have made it a preferred carrier in India, serving over 15 million passengers since its launch in August 2022. Akasa Air currently connects with 22 domestic and 5 international cities, namely Mumbai, Ahmedabad, Bengaluru, Chennai, Kochi, Delhi, Guwahati, Agartala, Pune, Lucknow, Goa, Hyderabad, Varanasi, Bagdogra, Bhubaneswar, Kolkata, Port Blair, Ayodhya, Gwalior, Srinagar, Prayagraj, Gorakhpur, Doha (Qatar), Jeddah, Riyadh (Kingdom of Saudi Arabia), Abu Dhabi (UAE) and Kuwait City (Kuwait).
With a clear focus on sustained, long-term growth, Akasa Air has placed a firm order of 226 Boeing 737 MAX airplanes, powered by CFM fuel-efficient, LEAP-1B engines. It currently operates 27 737 MAX aircraft which deliver superior efficiency in reducing fuel use and carbon emissions. The aircraft also have a quieter cabin with 40 per cent less noise, fulfilling the airline’s promise of being an environmentally progressive company with the youngest and greenest fleet in the Indian skies.
