Private Equity

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Regional airline Fly91 to raise Rs.150-Cr

Business Line  

Goa-based regional airline Fly91 plans to raise INR 150 Cr from existing and new investors to support its growth initiatives. The airline recently concluded a funding tranche of INR 63 Cr. Previously, the firm raised approximately INR 250 Cr, primarily through compulsory convertible preference shares (CCPS), which have since been converted into equity shares.Founded in 2024, the regional airline currently operates a fleet of six ATR-72 aircraft and maintains a strategy focused on operational discipline and capital allocation. The company is in discussions with lessors to expand its fleet size. Its expansion plans are centered on strengthening flight connectivity from its existing bases in Goa and Hyderabad.The company has expanded its management team with the recent appointments of Krishnan Balakrishnan as president and chief operating officer, and Jitendra Kushwah as chief financial officer. The airline reports load factors exceeding 90 percent and has announced Tirupati as a new destination served from Hyderabad, Rajahmundry, and Vijayawada.

In April 2023, Fly91 had attracted about $ 24 M from Convergent Finance and others.