Monday, May 22, 2023

IndiaJets - India’s Ist Business Aviation Startup Commences Operations; Raises 500,000 USD Seed Funding

* Launches with a unique subscription model to Fly Private

India’s first subscription based business aviation startup, IndiaJets, has announced the launch of its operations in India with the IndiaJets Aircraft Membership program.  The model mimics a timeshare in the sky, and is tailor made for business owners and senior management professionals who can enjoy the benefits of a private aircraft at their disposal without having to actually own one nor have the burden of overseeing and managing air worthiness, crew, maintenance etc.  Subscribers will just have to buy the share size appropriate to the annual flight requirement for a fixed amount per month and per hour flown, without having to hire personnel, pay hangar rent, or attend to the many other details inherent in whole aircraft ownership, including variable costs. The company has internally accrued seed funding of USD 500,000 and currently operates a 6-seater business jet. The company plans to induct another 32 aircrafts including medium to large jets over the next few years.  

Commenting on the development, John Kuruvilla, CEO and Co-founder, IndiaJets said, “For successful business leaders air travel is now a way of life and for them the value of time is far greater than the value of money. But in India there are several challenges. The high cost of aircraft ownership and monthly operations and maintenance are strong entry barriers. In addition, time wasted at Airports, standing in queues, crowded airports and lounges make commercial flying an unpleasant experience. Flying Private is the only solution and business leaders across the world are now doing so through fractional ownership. Fractional ownership offers the flexibility, convenience, privacy, tax- and time-saving benefits of aircraft ownership, without the attendant capital expense or management responsibilities. Subscribers can customize their itinerary, set their own schedules, save and maximize the value of their time and travel in comfort in a highly sanitized space”

While the Government of India announced its intention to pave the way for fractional ownership to come into effect to spur the growth of non-scheduled operations in the country in October 2022, the framework for the same is yet to be announced.   

Rajesh Rajan Co-Founder & COO said, “Safety and reliability are the two most critical non compromisable aspects of aviation and at IndiaJets this would be our priority. With vast experience of flying both helicopters and fixed wing for the Coast Guard and having led some of India’s largest MROs ( Maintenance and Repair organization) enables us to understand what goes behind the scenes.”

TGS Gupta, Co-Founder & CFO said, “The IndiaJets membership model will empower smaller businesses to now get the advantage of maximising the value of their time and drive rapid progress in the smaller towns where many have their businesses or relationships. We believe that we will provide this much needed impetus that business in Bharat needs, to drive growth.

IndiaJets, is a brand owned and operated by Prive Avion Alliances Pvt. Ltd, a company that was started in October 2022. Founders include John Kuruvilla, CEO & Co-Founder, T G S Gupta, CFO & Co-Founder and Rajesh Rajan, COO & Co-Founder.

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