Akasa Air raises ₹450 crore from share sale

The airline’s shareholders approved the issuance of compulsory convertible preference shares worth ₹450 crore at an extraordinary general meeting (EGM) on September 30

Akasa Air has raised ₹450 crore by selling shares to existing investors to meet operating expenses and fund its expansion plans. The fundraise, the second since last August, comes amid slow traffic growth and a tough operating environment that has seen crude oil prices increase to over $100 a barrel.

The airline’s shareholders approved the issuance of compulsory convertible preference shares worth ₹450 crore at an extraordinary general meeting (EGM) on September 30. A source said the company is raising more capital, and new investors are expected to come on board as well.

‘Well capitalised’

In the September fundraise, convertible shares have been issued to 29 individuals and entities, including the Jhunjhunwala family and the family offices of Azim Premji and Ranjan Pai. Rekha Rakesh Jhunjhunwala has invested ₹217 crore, nearly half of the total amount infused. Company filings show that Azim Premji's family office contributed ₹94 crore.

“Akasa Air is a well-capitalised airline with a clear long-term growth strategy. This financial strength allows us to execute our growth plans with confidence and make decisions that best support our long-term business objectives. We are very grateful and honoured to have the support of investors who remain bullish on the execution capabilities and growth path of Akasa,” the airline said in a statement.

The airline said it is raising additional funds to support growing operations. It did not detail how it plans to use the capital.

The airline will need fresh funds to continue its expansion plan. Akasa Air has inducted 14 Boeing 737 Max aircraft in CY26 increasing its fleet count to 45. More deliveries slated in the coming months.

Staying bullish

The airline has grown its domestic market share to over 5.5 per cent, but growth has also strained its finances. While its revenue grew 35 per cent in FY26, net loss widened 37 per cent to ₹2,716 crore, driven by a weak rupee.

“Rising fuel prices have hit all the airlines. Akasa Air management is bullish about business plans, and growth should continue at a fast pace unless there is some disruption in aircraft deliveries,” said an industry watcher.

Published on October 26, 2026