FILE -A plane from India's newest airline Akasa Air prepares for take off from the Chhatrapati Shivaji Maharaj International Airport
File photo/TNIENEW DELHI: Akasa Air announced on Tuesday that it has raised fresh capital from investors including Premji Invest (the global investment arm of Azim Premji), Claypond Capital (investment office of Dr. Ranjan Pai), and 360 ONE Asset, along with additional capital infusion committed by the promoters --Jhunjhunwala family, who are major stakeholders in the airline.
The airline did not disclose the precise details about the quantum of funds raised during the announcement, but sources indicate the amount to be about $125 million.
The airline said that funds will accelerate its strategic roadmap to rank among top 30 airlines in the world by the end of this decade. These investments will be directed towards expanding operations, enhancing customer experience and investing in safety, reliability and advanced technology, added the airline.
Commenting on the transaction closure, Vinay Dube, Founder and CEO, Akasa Air said, “Their support affirms our vision and strengthens our ability to scale sustainably while keeping customers and employees at the heart of our operations. We remain especially grateful to the Jhunjhunwala family for not just helping us take flight but for their continued belief in our dream to redefine air travel in India.”
Akasa Air, which started flying on August 7, 2022, has a fleet of 30 aircraft and currently flies to 23 domestic and 5 international destinations. >From September 20, the airline will also commence services from Mumbai to Phuket.
Manoj Jaiswal, Partner - Industrials & Buyouts, Premji Invest commented, “We are excited to partner with Akasa, India's fastest growing airline, in its next phase of growth. We believe Indian aviation industry has strong growth potential, domestically and beyond. Team Akasa is brilliantly positioned to execute on this opportunity.”
Umesh Agrawal, Fund Manager, 360 ONE Asset, said, “We are elated to partner with Akasa Air at a time when India’s aviation sector is poised for tremendous growth. This investment will support Akasa Air’s mission to build a customer centric airline.”
Shyam Powar, Chief Investment Officer at Claypond Capital, said, “What excites us is not just the scale of the opportunity, but the passion and purpose with which the team is building this airline. We are proud to back Akasa and look forward to supporting them in their journey to build a world class airline from India.”