Jhunjhunwala the biggest draw as investors line up to board Akasa

The interest from multiple backers in Akasa comes at a time when airlines, hit by two consecutive years of the pandemic, are scouring for funds

Veterans in the travel industry, a well-known corporate lawyer, and a marquee US-based hedge fund have backed the upcoming low-cost airline Akasa Air.

Founded by former Jet Airways chief executive officer (CEO) Vinay Dube, the venture counts ace stock trader and investor Rakesh Jhunjhunwala as its biggest financial backer with an investment of around Rs 300 crore.

A person with knowledge of the development said most of the people were well known to Jhunjhunwala and Dube, who approached them during the conception stage. The bulk of the company’s shares will be held by the duo with a combined shareholding of