Akasa Air charting course for gen-next

The road ahead may be fraught with challenges, yet Akasa's trajectory mirrors the nation it serves — a blend of audacity and adaptability. By 2027, it aims to command 8-10 per cent of India's domestic market, with a fleet of 76 aircraft and a valuation topping $4 billion (₹33,280 crore) ahead of its IPO. As India races toward 400 million annual flyers by 2030, Akasa's story is that of corporate triumph.

- NIDHI SHARMA reports.

Never before in the history of Indian aviation did an airline commence international operations within just 18 months of launching domestic services? This unprecedented milestone was made possible by a targeted policy shift that specifically enabled such early international expansion.

In the tumultuous wake of the COVID-19 pandemic, as global airlines grappled with bankruptcies and grounded fleets, India’s aviation sector witnessed the rise of Akasa Air. Conceived by Vinay Dube, a seasoned aviation veteran with stints at Jet Airways and GoAir, Akasa came into life in August 2022, backed by the late billionaire investor Rakesh Jhunjhunwala, whose $35 million (₹2,912 crore) seed investment signalled faith in its potential. Jhunjhunwala, often dubbed India’s Warren Buffett, tragically passed away just weeks after the airline’s maiden flight, leaving Akasa at a crossroads. Yet under steady leadership, the airline charted a course that blended pragmatism with audacity, navigating a market still reeling from the collapse of Jet Airways and the financial frailty of SpiceJet.

Akasa Air, India's youngest airline, has marked its third year of operations with a fleet of 26 aircraft, now serving 22 domestic and five international destinations. Founder and CEO Vinay Dube has a deeply personal vision for the airline's legacy, of building Akasa Air on a foundation strong enough to endure for generations, expressing hope that one day even his grandchildren would have the opportunity to fly with the airline, underscoring his commitment to creating a sustainable and enduring institution in Indian aviation.

Akasa Air will become one of the top 30 airlines by the turn of this decade, Dube told employees in a mail marking its second anniversary.