Akasa targets place among op 30 airlines by 2030: CEO Dube

08 Aug 2024 CW Team

In a message celebrating Akasa Air?s second anniversary, Vinay Dube , Co-founder and CEO outlined the airline?s ambitious goal to be among the top 30 global airlines by the end of the decade. Since launching two years ago, Akasa has expanded to 22 domestic and five international destinations, carrying over 11 million passengers and operating more than 900 weekly flights.

Initially backed by approximately $35 million from billionaire investor Rakesh Jhunjhunwala and other investors, Akasa Air has achieved significant milestones. The airline now holds a 5% market share, surpassing SpiceJet, and has added 24 aircraft to its fleet?the fastest growth in market share and fleet size for any Indian airline since the sector opened to private players in the early 90s.

Dube highlighted that the airline had placed an initial order for 72 Boeing 737 Max aircraft, with an additional 4 added later, and a subsequent order for 150 more earlier this year. "Our landmark order this year positions us for rapid growth," Dube said. "We are the only Indian airline to achieve such a significant order book within 17 months of operation, reflecting our robust financial foundation."

Despite a slowdown in Boeing's aircraft production due to increased regulatory scrutiny following a January incident with an Alaska Airlines 737 Max 9 (a variant Akasa does not operate), Akasa has not received any new planes since February. Nevertheless, Dube assured that the airline's financial performance remains ahead of its business plan. ?We are well-capitalised with a strong financial foundation, and the future looks brighter than ever," he concluded.

(ET)

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