Akasa flies past SpiceJet to be India's 3rd-largest airline

Akasa's revenue rose over 22% to ₹1,400 crore, while SpiceJet's revenue fell 24% sequentially

- Dipali Banka & Varun Sood

Three years after its debut, Akasa Air soared past SpiceJet to become the country's third-largest air carrier by revenue following a sharp 24% sequential decline in the latter's revenue in the April-June period.

SNV Aviation Private Limited, which launched its first commercial flight in August 2022 under Akasa Air, in a disclosure dated 14 July made to the ministry of corporate affairs, said its provisional revenue from operations totalled ₹1,399.6 crore during the April-June period. This was a 22.2% rise from the ₹1,145.4 crore in the April-June 2024.

On Friday, New Delhi-based SpiceJet reported that its revenue from operations fell 24% sequentially and 35.6% from the year-ago period to ₹1,059.8 crore in the April-June quarter.

Mumbai-based Akasa Air has consistently had a higher market share than SpiceJet since May of last year: Akasa's 5.5% share in July was more than double that of SpiceJet's 2%, according to data released by the Directorate General of Civil Aviation.

However, this is the first time that Akasa's revenue has surpassed that of SpiceJet's in a quarter. Akasa ended FY25 with ₹14,582.72 crore in revenue and ₹1,983.4 crore in loss, compared to ₹15,073.7 crore in revenue and ₹52.6 crore profit reported by SpiceJet.