It might sound quite unusual to say this, but it is a fact that Zoom calls have now replaced private jets for holding business calls.
However, for companies like ours, leisure travel has replaced corporate travel and is growing. Earlier, 20 per cent of our revenue would come from leisure travel, which has now doubled. Another trend that we have seen is that leisure travel was confined to domestic destinations but now it is being used for international travel as well, particularly for the Maldives, Dubai and European countries.
We still believe that at some point in time, corporate travel will pick up. Corporates are willing to spend if the travel helps them solve a problem or earn money. However, those travelling for a holiday would want to negotiate. Once corporate events pick up the pace, it is sure to lead to more corporate travel.
We believe that over a period of time, the Covid pandemic will become endemic. However, right now, the airlines are still holding back investments. We have about 10 aircraft with us, of which six are in operation and the rest are in various stages of approval. We might look at expanding the fleet by another six planes. There are another 18 aircraft under management contract, which we operate for the others.
Leasing company
It was some kind of a shot in the dark when we got into the leasing business but it turned out well for us. We imported our first aircraft and this kind of arrangement was new for us, for the regulator and the civil aviation authority as well. It was a huge learning for all the stakeholders. The Ministry of Civil Aviation was extremely helpful in making it easier for us to handle all the processes.
We have been able to lease that aircraft and it is a dry lease arrangement. One can’t do wet-lease through GIFT City.
We are looking to raise additional funding. We are in talks with various VCs and PE funds for raising about $50 million and hopefully by the next quarter of the next financial year, we should close the funding round.
(As told to K Giriprakash).
Kanika Tekriwal is the Founder of JetSetGo