Taking a step forward for its aim to revolutionize the private aviation business, Delhi-based JetSetGo, which operates a marketplace for private jets and helicopters, has acquired Indo Pacific Aviation Limited, India’s oldest non-scheduled aircraft operator (NSOP) for an undisclosed amount.
Confirming this development, Sudheer Perla, co-founder of the startup said to Inc42, “Whilst JetSetGo could have applied for its own non scheduled operator permit from DGCA, Indo Pacific Aviation which has such a permit, their existing fleet (1 helicopter and 1 aircraft), generating stable revenues in the range of $2.7 Mn- $3Mn (INR 18-20 Cr) annually and stable net margins of 12-15% with strong legacy and credentials and professionally run with pragmatic promoters came to our notice to be a company that we could explore deeper strategic partnership discussions with.”
JetSetGo was founded in 2014 by Kanika Tekriwal and Sudheer Perla. The company is aiming to revolutionize aviation business by redefining the experience for private charter customers. In July 2015, the company raised an undisclosed amount in seed funding round Yuvraj Singh’s YouWeCan Ventures and again in December 2015, it raised funding from Puneet Dalmia, which also remains undisclosed.
The company has grown its pan India presence and has also become the country’s leading private aviation company. It currently has a fleet size of 18 and claims to have completed 2,800 aircraft movements in FY17.
According to a report from consultancy firm AT Kearney, India’s regional aircraft fleet is estimated to grow from 55 in 2011 to 261 by 2025 at a compounded annual growth rate of 12-13 percent.