Akasa Air Aims to be Among Top 30 Global Airlines by the End of the Decade
Celebrating its second anniversary, Akasa Air, co-founded and led by CEO Vinay Dube, has set a bold target to become one of the top 30 global airlines by the end of this decade. Over the past two years, Akasa Air has rapidly expanded its operations to serve 22 domestic and five international destinations, carrying over 11 million passengers through their more than 900 weekly flights.
Milestones and Growth
With the support of billionaire investor Rakesh Jhunjhunwala and other investors who initially contributed $35 million, Akasa Air has achieved remarkable milestones. The airline has captured a 5% market share, surpassing its competitor SpiceJet. Additionally, Akasa Air has accomplished the fastest growth in both market share and fleet size among all Indian airlines since the private players entered the aviation sector in the early 1990s. They have added 24 aircraft to their fleet, reflecting their exponential growth in the last two years.
Rapid Expansion and Vision
To sustain its expansion and accommodate future growth, Akasa Air placed an initial order for 72 Boeing 737 Max aircraft with an additional four later added. Earlier this year, the airline demonstrated its long-term ambition by placing an additional order for 150 more aircraft from Boeing. This landmark order sets Akasa Air apart as the only Indian airline to achieve such a substantial order book within just 17 months of operation, showcasing their confidence and financial stability.
Challenges and Assurances
Despite facing a slowdown in aircraft production from Boeing due to increased regulatory scrutiny following an incident with an Alaska Airlines variant, Akasa Air has not received any new planes since February. Nevertheless, Vinay Dube reassured stakeholders and the public that the airline’s strong financial performance remains ahead of its business plan. Dube emphasized the airline’s well-capitalized position and expressed optimism for a bright future.
With aggressive expansion plans, formidable market share, and a commitment to delivering high-quality services, Akasa Air seems poised to accomplish its ambitious vision of becoming one of the top global airlines in the next few years. The airline has proved itself in the highly competitive Indian aviation market and continues to attract passengers with its extensive domestic and international network. As Akasa Air continues disrupt the Indian airline industry, its success story serves as an inspiration to other players in the sector.
