Akasa Air has secured new funding from “marquee investors” designed to inject fresh capital into the low-cost-carrier in its efforts to become one of the top 30 airlines in the world by the end of the decade
On February 6, 2024, Akasa Air said it welcomed new financial commitments from a consortium that includes Premji Invest (the global investment arm of Azim Premji), Claypond Capital (the investment office of Dr Ranjan Pai) and funds managed by 360 ONE Asset.
While separately the Jhunjhunwala family has also committed to additional funding for Akasa Air. All the agreements are subject to regulatory approval, according to Akasa Air.
“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,” said Vinay Dube, Founder and CEO, Akasa Air.
Dube added: “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.”
The carrier said the funding will be used to “power Akasa Air’s ambitious growth plans” and to invest in customer experience and employee work environment.
According to Forbes Premji Invest owner Azim Premji is the 165th richest person in the world with a fortune estimated at $12 billion while Dr Ranjan Pai is thought to have amassed wealth worth $2.7 billion.
The publication said that Premji is thought to be one of the world’s most generous billionaires having donated $21 billion to his charitable foundation.
“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,” said Ankur Goel, Chief Financial Officer, Akasa Air.
