Delhi-based JetSetGo, an aggregator of India’s available private jets and helicopter for private jets, helicopters and air ambulance, today announced the acquisition of Indo Pacific Aviation Limited for operations in India. Indo Pacific Aviation Limited is the country’s oldest non-scheduled aircraft operator (NSOP).
Incorporated in 2014 by Kanika Tekriwal JetSetGo is India’s first marketplace for private jets and helicopters or an Uber of Indian skies. In July 2015, JetSetGo had raised an undisclosed amount of funding from cricketer Yuvraj Singh’s startup fund YouWeCan Ventures.
The startup has rapidly grown to have pan India presence becoming the country’s largest private aviation company that offers seamless and cost-efficient air connectivity with 2,800 aircraft movements executed last financial year alone. Typically managing and executing chartered flights through DGCA approved non-scheduled operator permits that are owned by others, the acquisition of Indo Pacific Aviation Limited now gives far more flexibility to JetSetGo to directly manage its own fleet and to provide on demand air connectivity. It will also offer its customer’s aircraft sales & acquisition, fleet management and other aviation support services.
Speaking about the acquisition, Kanika Tekriwal, CEO of JetSetGo said, “As the oldest NSOP and having truly created the aircraft management market in the country, Indo Pacific has been instrumental in many ways in the growth of the private jet and helicopter market in India. Indo Pacific has far too many firsts to its credit and we are excited that this acquisition brings together the values of the old with the dynamism of the young. This acquisition now gives a significant boost to our ability to grow our fleet and offer unique services and next generation aircraft for personalized on-demand mobility.”
With rapid growth in the domestic civil aviation market and increasing global investor focus on hybrid electric planes, flying taxis and disruptive transportation models, JetSetGo has been positioning itself well at the centre of India’s evolving on-demand air travel market with a simple vision to enable the fastest form of travel from any Point A to Point B at a time when most forms of commute unfortunately remain far too inefficient in the country for a variety of reasons. Unlike most start-ups in the country that continue to burn cash, JetSetGo has been cash flow positive from inception.
Government approval from the DGCA and Bureau of Civil Aviation Security (BCAS) was obtained prior to completing the transaction.
Domestic private aviation business is set to grow multi-fold to Rs 5,000 crore by 2020 from Rs 1,800 crore in 2015, on the back of rising popularity for such services in non-metro markets, said a report.
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