JetSetGo Plans to Raise $900 Million for Fleet Expansion and Eyes IPO by 2027-2028
India’s premier charter service provider, JetSetGo, based out of Delhi International Airport, is setting its sights on an ambitious capitalization strategy. The company aims to raise USD900 million to support the acquisition of 12 new mid-sized twin-engine aircraft, as revealed in a recent report by BusinessLine. Furthermore, JetSetGo is exploring the possibility of going public with an initial public offering (IPO) slated for 2027 or 2028, according to the company’s founder and CEO, Kanika Tekriwal.
Tekriwal highlighted the growing demand for larger aircraft among JetSetGo’s clientele, noting the company’s plan to finance these acquisitions through a combination of debt, equity, and customer funding. This move aligns with the company’s strategy to cater to the evolving preferences of its users, ensuring the availability of aircraft with a minimum operational range of six hours.
The charter specialist anticipates the arrival of its new aircraft fleet starting in the final quarter of 2024, projecting an introduction rate of four planes per year. This expansion is poised to significantly bolster JetSetGo’s operational capabilities, adding to its already diverse fleet of 11 aircraft. The current lineup includes models such as the Hawker Beechcraft 800XPs, Cessna CJ2, Hawker Beechcraft 750, Legacy 600, Hawker 900XP, Dassault Aviation 2000, Global 6500, Gulfstream G200, and an AgustaWestland AW109 helicopter, showcasing the company’s commitment to offering a broad range of aviation solutions.
In addition to traditional aircraft, JetSetGo is venturing into the future of aviation with its interest in electric Vertical Take-Off and Landing (eVTOL) aircraft. Reports from Reuters in January indicated that JetSetGo has entered into partnerships with Horizon Aircraft, Electra.aero, and Overair for the acquisition of 150 eVTOLs in a deal estimated at USD780 million. These agreements also contain options for additional aircraft, potentially expanding the fleet to 280 units.
The strategic inclusion of eVTOL aircraft positions JetSetGo to pioneer air mobility solutions that connect secondary and tertiary cities across India, catering to high-net-worth individuals outside the major urban centers. This visionary approach not only reinforces JetSetGo’s leadership in the Indian charter flight market but also underscores its commitment to innovation and sustainability in aviation.
As JetSetGo embarks on this journey of growth and technological adoption, the planned IPO and fleet expansion reflect the company’s long-term vision for revolutionizing air travel in India and beyond. With a focus on enhancing service offerings and embracing cutting-edge aviation technologies, JetSetGo is poised for significant development in the coming years, further establishing its reputation as a leader in the luxury air travel sector.