Akasa Air Secures Funding from Premji, Pai Family Offices

New Delhi, Feb 6 (PTI) Tech tycoon Azim Premji's global investment arm and Manipal group chief Ranjan Pai's family office have invested an undisclosed sum of money to pick up a stake in Akasa Air, India's youngest airline.

In a statement, the airline said promoter Jhunjhumwala family has also committed more funds to Akasa.

"Akasa Air, India's fastest-growing airline, has signed agreements with marquee investors to infuse fresh capital into the airline," the statement said.

A consortium of India's finest investors, including Premji Invest - the global investment arm of Azim Premji, Claypond Capital – the investment office of Ranjan Pai and funds managed by 360 ONE Asset, a leading asset management firm, has signed investment agreements with Akasa Air, it said without disclosing details.

Independently, the Jhunjhunwala family has also committed to an additional capital infusion into Akasa Air, the airline said without disclosing the amount.

All the agreements are subject to regulatory approval.

The Jhunjhunwala family and Vinay Dube, the founder and CEO of Akasa Air, own a majority stake in the airline.

Jhunjhunwala family owns 45.97 per cent while Vinay Dube has 16.13 per cent. Vinay's brothers Sanjay and Niraj have 7.59 per cent shares each. Madhav Bhatkuly owns 9.41 per cent of the airline while PAR Capital Ventures Llc has 6.37 per cent.

The existing shareholder interest will come down after coming on board the new shareholders.