Akasa Air raising fresh capital through new investor agreements

India’s Akasa Air will inject fresh capital through new agreements with the investment offices of Wipro founder Azim Premji, Manipal Hospitals chairman Ranjan Pai, and funds managed by wealth management firm 360 ONE.

The airline said that these investments will be used in order to facilitate Akasa Air’s growth plans, while further strengthening its commitment to enhancing its customer experience.

Independently, the family of late Indian billionaire Rakesh Jhunjhunwala, has also committed to providing an additional capital infusion into the budget carrier.

The airline did not provide any detail on how much these agreements total.

“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,” commented Ankur Goel, chief financial officer at the airline.

Akasa Air currently operates a fleet made up of 27 737 MAX aircraft and has a firm order placed with Boeing for a further 226 737 MAX airplanes. The carrier flies to 22 domestic and 5 international cities.

All of these agreements are subject to regulatory approval.