Three digit aircraft will be installed within the next 75 days', stated Vinay Dube, co-founder and CEO of Akasa. Though rumoured to be seeking $400 million, the airline asserts that it has sufficient cash on hand to order the aircraft by year's end.
The 20-aircraft-strong airline’s current order book comprises 56 more Boeing 737 Max. While not commenting on the plans to raise $400 million, Dube told the media: “We’ve an extremely strong cash position today. Akasa has been generating cash since the start of operations. We have enough cash today, meaning without requiring any other external sources of funding to place a triple-digit aircraft order.”
In his first comments after the exodus that saw over 40 pilots quit and forced Akasa to cancel hundreds of flights, the CEO said it was “unprecedented and unexpected (for an Indian carrier) for a handful of pilots to leave within 24-48 hours of resigning”. Later, the airline sued these pilots, who claimed that they had not served their notice period because of suspected conditions of employment violations. The airline was suing them for damages totaling several millions of rupees.