Jhunjhunwala-backed Akasa Air to raise funds from Azim Premji, Ranjan Pai family offices

Akasa Air said on Thursday it has signed agreements to raise fresh capital from marquee investors, including Premji Invest, the investment arm of billionaire Azim Premji, and Claypond Capital, the family office of Ranjan Pai.

Funds managed by 360 ONE Asset, a leading asset management firm, are also part of the investment consortium.

The family of late billionaire investor Rakesh Jhunjhunwala has committed to an additional capital infusion, Akasa Air said in a statement.

The financial details of the investments were not disclosed.

The fresh capital will support Akasa Air's growth ambitions, including international expansion, and help strengthen customer experience through investments in safety, technology, and operational reliability, the airline said.

"These are not just financial transactions, they are an investment in our vision and commitment to building an airline for generations," Akasa Air Founder and CEO Vinay Dube said.

Akasa Air CFO Ankur Goel said the investment would ensure long-term financial stability and help the airline navigate unexpected challenges while maintaining sustainable growth.

"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,” he said.

The transactions are subject to regulatory approvals.

The Jhunjhunwala family and Vinay Dube own a majority stake in the airline.

Jhunjhunwala family owns 45.97% while Vinay Dube has 16.13%. Vinay's brothers Sanjay and Niraj have 7.59% shares each. Madhav Bhatkuly owns 9.41% of the airline while PAR Capital Ventures Llc has 6.37%.

The existing shareholder interest will come down after coming on board the new shareholders.

Founded in 2021, Akasa Air has rapidly expanded its domestic network and recently launched international operations as part of its strategy to become one of the top 30 airlines globally by the end of the decade.