MUMBAI: Ace investor Rakesh Jhunjhunwala’s premature demise might solid a shadow of uncertainty on his final massive wager — low-cost provider Akasa. Business insiders say Jhunjhunwala held about 47% stake in Akasa, adopted by practically 30% with founder-CEO Vinay Dube & household and the remaining with different buyers and workers. The Massive Bull’s final public outing was on the August 7 launch of Akasa in Mumbai.
“He was to invest a lot in the airline. Whether his successors do that remains to be seen. Also, Jhunjhunwala’s association with this professionally run startup was to be a big plus for future investors as the airline’s fleet and fund requirement grew. This is a setback for Akasa in its infancy stage, which we truly hope Dube and co-founder Aditya Ghosh — both veterans of Indian aviation — are able to overcome on the basis of their proven track record by attracting committed long term investors,” stated airline business insiders.
Akasa didn’t touch upon these points, together with its shareholding sample. “Today, the focus is on remembering Jhunjhunwala and respecting his family… registering queries and will get back if we have anything to add,” stated an airline spokesperson.
Business consultancy CAPA Advisory’s CEO & director Kapil Kaul stated, “It is a genuinely irreparable loss for Akasa as RJ was not just another investor. His knowledge, counsel and, critically, his vast and deep network cannot be easily replaced. His involvement in Akasa made the new startup very special. Unfortunately it will be seen as another startup now, though still with great potential given the involvement of Vinay and Aditya. However, it won’t be the same.”
Dube stated, “We at Akasa cannot thank Jhunjhunwala enough for being an early believer in us, and putting his trust and faith in us to build a world-class airline… will honour his legacy, values and belief in us by striving to run a great airline.” Akasa wasn’t Jhunjhunwala’s first aviation wager. When IndiGo had launched its IPO in 2015, Jhunjhunwala had positioned a sizeable bid on the IndiGo IPO. Ghosh, who was Indigo president, stated, “This is a deeply personal loss. What remains imprinted in my heart and mind is RJ’s love of life, courage, simplicity of heart, genuine affection and mostly importantly, childlike laughter.”
“He was to invest a lot in the airline. Whether his successors do that remains to be seen. Also, Jhunjhunwala’s association with this professionally run startup was to be a big plus for future investors as the airline’s fleet and fund requirement grew. This is a setback for Akasa in its infancy stage, which we truly hope Dube and co-founder Aditya Ghosh — both veterans of Indian aviation — are able to overcome on the basis of their proven track record by attracting committed long term investors,” stated airline business insiders.
Akasa didn’t touch upon these points, together with its shareholding sample. “Today, the focus is on remembering Jhunjhunwala and respecting his family… registering queries and will get back if we have anything to add,” stated an airline spokesperson.
Business consultancy CAPA Advisory’s CEO & director Kapil Kaul stated, “It is a genuinely irreparable loss for Akasa as RJ was not just another investor. His knowledge, counsel and, critically, his vast and deep network cannot be easily replaced. His involvement in Akasa made the new startup very special. Unfortunately it will be seen as another startup now, though still with great potential given the involvement of Vinay and Aditya. However, it won’t be the same.”
Dube stated, “We at Akasa cannot thank Jhunjhunwala enough for being an early believer in us, and putting his trust and faith in us to build a world-class airline… will honour his legacy, values and belief in us by striving to run a great airline.” Akasa wasn’t Jhunjhunwala’s first aviation wager. When IndiGo had launched its IPO in 2015, Jhunjhunwala had positioned a sizeable bid on the IndiGo IPO. Ghosh, who was Indigo president, stated, “This is a deeply personal loss. What remains imprinted in my heart and mind is RJ’s love of life, courage, simplicity of heart, genuine affection and mostly importantly, childlike laughter.”
