Akasa Air closes financing round

Akasa Air announced the successful completion of its strategic investment transactions announced on 6 February. The closure follows the receipt of all requisite regulatory approvals. While the exact amount wasn’t disclosed, it was reported to be approximately Rs 1,200 crore (around $125 million). The investors include Premji Invest – a leading global investment firm whose returns primarily support the work of Azim Premji Foundation, funds managed by 360 ONE Asset – a leading asset management firm and Claypond Capital – the investment office of Dr Ranjan Pai, alongside an additional capital infusion from the Jhunjhunwala family, who are existing investors in Akasa Air. The funds will accelerate Akasa Air’s strategic roadmap to rank among top 30 airlines in the world by the end of this decade, enabling the airline to further contribute to India’s emergence as a global aviation hub. These investments will be directed towards expanding operations, enhancing customer experience and investing in safety, reliability and advanced technology. Vinay Dube, Founder and CEO, Akasa Air said,“We warmly welcome our new investors to the Akasian family and deeply appreciate their confidence in our team. Their support affirms our vision and strengthens our ability to scale sustainably while keeping customers and employees at the heart of our operations. We remain especially grateful to the Jhunjhunwala family for not just helping us take flight but for their continued belief in our dream to redefine air travel in India. We are also thankful for the support extended to us by the Ministry of Civil Aviation. In just three years, Akasa Air has demonstrated that rapid growth is possible with discipline, purpose and heart. With over 20 million passengers flown and a proven record of operational excellence, we are building an airline that India can be proud of and is poised to set new standards in global aviation.” Manoj Jaiswal, Partner – Industrials & Buyouts, Premji Invest commented “We are excited to partner with Akasa, India’s fastest growing airline, in its next phase of growth. We believe Indian aviation industry has strong growth potential, domestically and beyond. Team Akasa is brilliantly positioned to execute on this opportunity.” Umesh Agrawal, Fund Manager, 360 ONE Asset commented, “We are elated to partner with Akasa Air at a time when India’s aviation sector is poised for tremendous growth. This investment will support Akasa Air’s mission to build a customer centric airline.” Shyam Powar, Chief Investment Officer at Claypond Capital commented “What excites us is not just the scale of the opportunity, but the passion and purpose with which the team is building this airline. We are proud to back Akasa and look forward to supporting them in their journey to build a world class airline from India.” ASL Aviation Holdings confirms refinancing of credit facility (PHOTO: ASL) ASL Aviation Holdings DAC, has closed on a refinancing agreement of its credit facility supported by Goldman Sachs as the sole structuring and placement agent. The agreement includes a refinanced term facility size of US$316 million and an additional revolving credit facility (RCF), providing enhanced financial flexibility to support ASL’s continued growth and strategic development. ASL Aviation Holdings is a global aviation services company with five airlines based in Europe and Australia and three associate and joint-venture airlines in South Africa and Asia. Headquartered in Dublin, Ireland, ASL’s airlines include ASL Airlines Ireland, ASL Airlines Belgium, ASL Airlines France and ASL Airlines United Kingdom in Europe and ASL Airlines Australia. ASL also has an associate low-cost passenger airline, FlySafair, in South Africa and joint venture cargo airlines K-Mile Asia in Thailand and Quikjet Airlines in India. ASL Aviation Holdings airlines operate cargo services for the world’s leading express parcel integrators and eCommerce retailers. Group airlines also operate scheduled and charter cargo and services under its own airline brands on domestic, international, and intercontinental routes in Europe, Asia, the Middle East, North America and Africa. The updated facility builds on ASL’s strong financial track record, which includes an initial facility of US$125 million in April 2021, increased to US$200 million in July 2022 and a subsequent US$155 million agreement in April 2023. “We are delighted to announce the successful refinancing and enhancement of our credit facility”, said Mark O’Kelly, Chief Financial Officer at ASL Aviation Holdings. “The belief and strong support we continue to receive from the banking markets is encouraging. It reflects the trust in ASL’s growth strategy and our role as a global leader in aviation. This financing will enable us to further develop our fleet, serve our customers more efficiently and continue advancing toward our goal of reducing our carbon emission footprint.” For Editorial Inquiries Contact: Editor Matt Driskill at [email protected] For Advertising Inquiries Contact: Head of Sales Kay Rolland at [email protected]