Akasa Air has secured new funding designed to inject fresh capital into the low-cost-carrier in its efforts to become one of the top 30 airlines in the world.

Tech tycoon Azim Premji’s global investment arm and Manipal group chief Ranjan Pai’s family office have invested an undisclosed sum of money to pick up a stake in Akasa Air, India’s youngest airline.

In December, the DGCA suspended two of its senior executives — director of training and director of flight operations – over training lapses.

The airline's net loss more than doubled in 2023-24, soaring to Rs 1,670 crore from Rs 744 crore in the previous year

Akasa Air receives significant investment from marquee investors like Premji Invest and Jhunjhunwala family, fueling its ambitious growth plans and international expansion.

In addition, the airline said that the Jhunjhunwala family, a major stakeholder in the airline holding 45.97% stake in the airline, has also committed to infusing additional capital into the airline.

The consortium of investors includes the investment arm of Azim Premji, Claypond Capital – the investment office of Dr Ranjan Pai, as well as funds managed by 360 ONE Asset.

India's Akasa Air said on Thursday it is raising fresh capital from the investment offices of Wipro founder Azim Premji and Manipal Hospitals Chairman Ranjan Pai, as well as funds of wealth management firm 360 ONE.

Akasa Air, which started flying in 2022, has raised an undisclosed sum. It's the country's third-largest carrier with a market share of 4.6%.

Akasa Air secures fresh funding from Azim Premji's investment arm, Ranjan Pai's family office and others to fuel growth plans. This investment aims to position Akasa Air among the top 30 airlines globally.

Akasa Air said late Indian billionaire Rakesh Jhunjhunwala’s family would also pour additional capital into the airline