A consortium led by Premji Invest, the family office of Wipro founder Azim Premji, and Claypond Capital, the family office of Manipal Group chief Ranjan Pai, is set to acquire a significant minority stake in Akasa Air, according to sources familiar with the matter. This move marks a major step for both investors, as they enter the rapidly growing Indian aviation market through the emerging low-cost carrier.
Akasa Air, which began operations in August 2022, has been expanding its presence in India’s competitive airline industry. Despite being relatively new, the airline has attracted significant attention for its aggressive fleet expansion plans and service offerings. The investment from Premji Invest and Claypond Capital brings not only financial strength but also considerable expertise from both sides, as Wipro and Manipal Group are well-established conglomerates in India.
Premji Invest, which manages the wealth of Azim Premji, one of India’s richest individuals, has been known for making strategic investments in high-growth sectors, while Claypond Capital, led by Ranjan Pai, focuses on long-term growth opportunities, including healthcare and education. Both family offices have a history of backing promising ventures with the potential for substantial returns, making their involvement in Akasa a significant endorsement for the airline.
The deal is expected to help Akasa Air strengthen its financial position and accelerate its growth trajectory, particularly in the face of fierce competition from established players like IndiGo, Air India, and SpiceJet. With the backing of two prominent Indian family offices, Akasa could gain more traction in its efforts to expand its fleet and network across India, which has seen a rapid increase in air travel demand.
The aviation industry in India is experiencing a period of transformation, with new players entering the market and established airlines evolving to meet growing demand. Akasa, with its focus on budget-friendly travel, has quickly gained a foothold in the industry, appealing to both cost-conscious passengers and investors alike.
While the full details of the deal, including the financial terms and the percentage of stake being acquired, have not been disclosed, the involvement of Premji Invest and Claypond Capital signals confidence in Akasa’s business model and long-term prospects. The consortium’s investment is expected to help Akasa Air navigate the challenges of a competitive industry, enhancing its operational capabilities and expanding its footprint across the country.
As Akasa Air continues to grow and compete in a crowded market, this new partnership with some of India’s leading family offices could prove crucial in securing its place among the country’s top airlines in the years to come.