(Reuters) -India’s Akasa Air said on Thursday it is raising fresh capital from the investment offices of Wipro founder Azim Premji and Manipal Hospitals Chairman Ranjan Pai, as well as funds of wealth management firm 360 ONE.
The airline, among India’s newest carriers, did not disclose any financial terms.
It said late Indian billionaire Rakesh Jhunjhunwala’s family would also pour additional capital into the airline. The family is one of the biggest backers of the low-cost carrier.
Akasa, which flies a fleet entirely made up of Boeing 737 MAX aircraft, is in a regulatory soup over alleged rule violations, including those on training guidelines.
The carrier flies to 22 domestic and 5 international cities with its operational fleet of 27 MAX single-aisle jets. It has 226 more aircraft on order with Boeing.
Akasa ended 2024 with a market share of 4.6%, making it India’s third-largest airline after IndiGo and the combined Air India group – which together control nearly 90% of India’s domestic aviation market.
“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,” finance chief Ankur Goel said.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
