JetSetGo, an online marketplace for private jets, has acquired Indo Pacific Aviation Limited, the country’s oldest non-scheduled aircraft operator (NSOP) for an undisclosed amount.
The acquisition will allow JetSetGo to directly manage its own fleet and provide on-demand air connectivity, a company statement said.
“As the oldest NSOP and having truly created the aircraft management market in the country, Indo Pacific has been instrumental in many ways in the growth of the private jet and helicopter market in India. This acquisition now gives a significant boost to our ability to grow our fleet and offer unique services and next-generation aircraft for personalised on-demand mobility,” Kanika Tekriwal, chief executive of JetSetGo, said in the statement.
Established in 1994 by Karan Singh, Indo Pacific Aviation Limited (IPAL) provides aircraft management and maintenance solutions to corporate aviation in India.
According to a JetSetGo spokesperson, as of 2017, IPAL manages one aircraft and a helicopter, and has been generating revenues of Rs 18-20 crore each year with 12-15% net margins.
JetSetGo, which was founded in 2014 by Tekriwal and Sudheer Perla, works with almost all non-scheduled aircraft operators in the country in improving utilisation and driving operational and cost synergies. The company aggregates private jets, helicopters and air ambulances, and claims to have executed 2,800 aircraft movements in the last financial year alone.
In December 2015, the company raised $1.9 million led by Puneet Dalmia, managing director of Dalmia Bharat, which operates businesses in cement, sugar, power and manufacturing. Previously, Yuvraj Singh-led YouWeCan Ventures had picked a 4 per cent stake in the company in July 2015.
In the chartered jets segment, GoChoppers Services Pvt. Ltd, a startup that provides luxury helicopter tourism services, has raised an undisclosed amount of funding from Rivergate Capital in September last year. GoChoppers operates single-engine choppers and offers heli-tourism services to domestic and non-resident Indian pilgrims visiting popular pilgrimage sites. It also provides luxury business jet services to corporate clients and diplomats.
BookMyCharters and JetSmart are two other players in this segment.