Premji Invest, Ranjan Pai's Family Office And 360 ONE Asset Pump Fresh Funds In Akasa Air

Tech tycoon Azim Premji's global investment arm and Manipal group chief Ranjan Pai's family office have invested an undisclosed sum of money to pick up a stake in Akasa Air, India's youngest airline.

In a statement, the airline said promoter Jhunjhunwala family has also committed more funds to Akasa.

"Akasa Air, India's fastest-growing airline, has signed agreements with marquee investors to infuse fresh capital into the airline," the statement said.

A consortium of India's finest investors, including Premji Invest—the global investment arm of Azim Premji, Claypond Capital—the investment office of Ranjan Pai and funds managed by 360 ONE Asset, a leading asset management firm, has signed investment agreements with Akasa Air, it said without disclosing details.

Independently, the Jhunjhunwala family has also committed to an additional capital infusion into Akasa Air, the airline said without disclosing the amount.

All the agreements are subject to regulatory approval.

The Jhunjhunwala family and Vinay Dube, the founder and chief executive officer of Akasa Air, own a majority stake in the airline.

Jhunjhunwala family owns 45.97% while Vinay Dube has 16.13%. Vinay's brothers Sanjay and Niraj have 7.59% shares each. Madhav Bhatkuly owns 9.41% of the airline while PAR Capital Ventures Llc. has 6.37%.

The existing shareholder interest will come down after coming on board the new shareholders.