New Delhi, Aug 19 (PTI) Akasa Air on Tuesday said it has raised funds from investors, including Premji Invest and Claypond Capital, and the investments will be utilised mainly for expanding operations.
The three-year-old airline did not disclose details about the quantum of funds mopped up as part of the strategic investment transactions announced in February this year.
In a statement, the carrier said the closure of the funding round follows receipt of all requisite regulatory approvals.
“The investors include Premji Invest – a leading global investment firm whose returns primarily support the work of Azim Premji Foundation, funds managed by 360 ONE Asset – a leading asset management firm and Claypond Capital – the investment office of Dr Ranjan Pai, alongside an additional capital infusion from the Jhunjhunwala family, who are existing investors in Akasa Air,” the statement said.
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.
“The funds will accelerate Akasa Air’s strategic roadmap to rank among top 30 airlines in the world by the end of this decade, enabling the airline to further contribute to India’s emergence as a global aviation hub. These investments will be directed towards expanding operations, enhancing customer experience and investing in safety, reliability and advanced technology,” the statement said.
The airline aims to be operationally profitable soon. PTI RAM IAS ANU ANU
