Now boarding: Akasa Air gets first cheque from Jhunjhunwala; Dubai-based investor picks up 17% stake
Automobile

Now boarding: Akasa Air gets first cheque from Jhunjhunwala; Dubai-based investor picks up 17% stake

By Eduardo Saverin

Now boarding: Akasa Air gets first cheque from Jhunjhunwala; Dubai-based investor picks up 17% stake

Illustration by Manali Ghosh.

Synopsis

With the first round of fund infusion from these investors, the airline now has the required paid-up capital mandated by the law. Akasa Air has already received the home ministry’s security clearance for its directors, and it is now expected to submit its updated structure to the aviation ministry for approval.

Late last year, when Vinay Dube resigned as the CEO of GoAir and set out to launch his own airline, he couldn’t find many takers for the idea. Airline stocks had tanked amid the raging pandemic and there was no investor interest in a low-margin business like aviation. Even legendary investor Warren Buffett, who had turned bullish on the sector after staying away from it for years, sold off his entire stake worth USD4 billion in all four major

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Eduardo Saverin