TBM Staff - Mumbai JetSetGo, under the leadership of its founder and CEO Kanika Tekriwal, is strategizing to secure $900 million in funds. This capital infusion is intended to facilitate the acquisition of 12 new mid-sized twin-engine aircraft, a move aimed at extending the company’s operational footprint into Europe. Additionally, JetSetGo has set its sights on conducting an initial public offering (IPO) by the years 2027-2028.
“We are observing a preference for larger aircraft among our members,” said Tekriwal.
“To cater to this demand, we are acquiring new planes exclusively for our membership programme, which offers fixed-hour subscriptions of 200 to 300 hours per year.”
JetSetGo will finance the aircraft acquisition through a blend of debt, equity, and customer funding. The company plans to lease the planes into Gift City, India, while retaining ownership. The initial phase aims to raise $100 million through debt and equity, with the remaining funded by customers.
“Currently, 80 per cent of our flights are domestic,” Tekriwal said. “With the new larger aircraft, we aim to expand our international presence, particularly in Europe.”
JetSetGo currently operates a fleet of 11 aircraft and flies to destinations around the world, including New York, Japan, and Korea.
Over the next two years, the company intends to gradually retire some of its current aircraft while initiating collaborations with three manufacturers to procure 12 new twin-engine jet aircraft. Anticipated deliveries are slated to commence in the final quarter of 2025, with an expected rate of four planes per year. These incoming aircraft are designed with a minimum range of six hours, facilitating convenient one-stop flights to Europe for members of the company.
JetSetGo’s revenue has seen significant growth. In FY19 (Pre-Covid), its revenue stood at INR106.90 crore. This jumped to INR341 crore in the current fiscal year (FY23-24), reflecting a substantial YoY growth of 218.99 per cent. Looking ahead, JetSetGo expects its revenue to reach INR400 crore in FY24-25, representing an increase of 17.30 per cent year-over-year.
“Our initiatives in urban areas, particularly in Advanced Air Mobility (AAM), position us to tap into a new market,” said Tekriwal. “This trajectory suggests a potential move towards going public by 2027 or 2028.”
In a separate initiative, JetSetGo has partnered with Horizon Aircraft, Electra.aero, and Overair to acquire 150 electric and hybrid-electric aircraft valued at $780 million, with options for more. This project focuses on enhancing connectivity to smaller cities in India and promoting advanced air mobility for short-distance travel. (Source: The Hindu Business Line)
