Winning Bizness Desk

Mumbai. Three major investment entities – Premji Invest led by Azim Premji, Ranjan Pai’s Manipal Group, and 360 ONE Asset – will jointly acquire a stake in Akasa Air’s parent company, SNV Aviation. The Competition Commission of India (CCI) granted its approval for the proposed acquisition on Wednesday.

The stake purchase agreement was signed in February 2025 by all three entities. However, details regarding the exact percentage of the stake to be acquired have not been disclosed yet. This strategic investment is expected to provide a significant boost to Akasa Air’s operational and expansion plans.

Post-investment, Akasa Air is likely to procure new aircraft and expand its presence across both domestic and international routes. The expansion will not only enhance its market competitiveness but also pose a stronger challenge to established domestic players like IndiGo and Air India.

Investment Entities Involved

PI Opportunity Fund (PIOF): This is the global investment arm of Azim Premji’s Premji Invest, which has made several key investments in growth-oriented Indian companies across sectors.

Clepond Capital: The family office of Ranjan Pai, head of the Manipal Group, known for its investments in healthcare and education, now making a foray into aviation through this deal.

360 ONE Private Equity Fund: Managed by 360 ONE Asset, a prominent wealth and asset management firm that has been expanding its portfolio into high-growth sectors.

Akasa Air’s Market Position

Akasa Air currently holds a 4.5% share in India’s airline market. In February 2025 alone, around 6.58 lakh passengers flew with the airline, indicating its growing presence and popularity among flyers. In terms of On-Time Performance (OTP), the airline ranked second nationally, with 78.6% of its flights operating on schedule.

Since its inception, Akasa Air has positioned itself as a low-cost carrier offering efficient service and competitive pricing. With the new investment inflow, the airline is set to scale up operations, increase fleet size, and broaden its route network significantly.

The involvement of reputed investors like Premji Invest and Manipal Group not only validates the potential of Akasa Air in India’s aviation sector but also reflects growing investor confidence in the country’s domestic travel market.

Market Share of Airlines