Billionaire Azim Premji, Ranjan Pai family office invests Rs 1,100 crore in Akasa Air

Rakesh JhunJhunwala family-backed Akasa Air is raising funds from Ajim Premji's Premji Invest, Ranjan Pai's family office Claypond Capital, and 360 ONE Asset. 

While the airline did not disclose the investment amount, media reports suggested that the company is raising Rs 1,100 crore from these investors.

Notably, the Jhunjhunwala family, which currently holds a 45.97% stake in the airline, has also "committed" to additional funding.

"Akasa Air extends its gratitude to these marquee investors for placing their confidence in the airline and the future of civil aviation in India.  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 company said in a statement.

Aiming to become one of the top 30 airlines in the world

Akasa Air said the raised capital will fuel its path to becoming one of the top 30 airlines in the world by the end of this decade.

The money 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 said.

Notably, the airline will also drive international expansion and foster a high-quality work environment for top talent.

Leadership comments

Commenting on the announcement, Vinay Dube, Founder and CEO of 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," Dube added.

"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," said Ankur Goel, Chief Financial Officer, Akasa Air.