NEW DELHI: India’s youngest airline Akasa has secured fresh capital infusion to fund its growth story of over $125 million. Premji Invest, the global investment arm of Azim Premji; Claypond Capital, the investment office of Ranjan Pai, and funds managed by asset management firm 360 ONE Asset have signed investment agreements with Akasa Air. Late billionaire investor Rakesh Jhunjhunwala’s — whose funding led to the airline taking off in Aug 2022 — has also committed to an additional capital infusion.
Akasa founder & CEO Vinay Dube 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.”
Akasa did not comment on the amount of fresh capital infusion. “These investment agreements are subject to regulatory approval. No additional information will be provided until all regulatory approvals are obtained,” the airline spokesperson said when asked about the same.
In a statement said, the airline said “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. These investments will be utilised to power Akasa’s ambitious growth plans and strengthen the airline’s commitment to enhancing customer experience. It will also drive international expansion…”
Ankur Goel, Akasa CFO, said: “These strategic investments represent a milestone in our journey and ensure long term financial stability, enabling us to continue building a sustainable, future-focused business. Akasa continues to be well capitalised, and these investments allow us to secure enduring, sustainable growth, with a financial safeguard to weather any unexpected challenges.”
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