Low-cost airline Akasa raises $135-M from Premji Invest, Ranjan Pai, Jhunjhunwala family

Mumbai-headquartered Akasa Air has raised investments from Premji Invest, Claypond Capital, and funds managed by 360 One Asset. The Jhunjhunwala family, which owns close to 40% stake in the airline, has also committed additional capital. The total investment is of around USD 135 million (INR 1,200 crore) which is equally divided among the new investors. The Jhunjhunwala family will remain the largest shareholder after the investment.Akasa, which operates 27 aircrafts, will use the funds to support fleet expansion and international operations.In FY24, Akasa Air reported a total income of INR 3,144.38 crore, a significant increase from INR 777.84 crore in the previous fiscal year. The airline's net loss widened to INR 1,670.06 crore in FY24, up from INR 744.53 crore in FY23.