Pvt aviation soaring, JetSetGo to raise $50 mn to expand fleet: CEO

Compared to FY22, the number of business jet movements in India rose by 29.2 per cent to 306,388 in FY23, with each arrival or departure of a business jet being counted as a single "movement."

The demand for private aviation continues to rise and business jet service provider JetSetGo plans to raise $50 million to purchase additional aircraft and expand its electric vertical take-off and landing (eVTOL) aircraft business in India, said Kanika Tekriwal, the company’s founder and chief executive officer (CEO).

Tekriwal told Business Standard that the funds would be generated through the sale of a small percentage of the company’s equity.

JetSetGo currently owns 11 of the 28 aircraft in its fleet, with the rest being either leased or managed by external parties.

“As the demand for private aviation continues to rise, JetSetGo is quickly increasing