When is Fly 91 starting it's operation?
The carrier is hoping to start operations around the last quarter of 2023.
Who is heading Fly 91 and the investors behind the carrier?
Manoj Chacko, the former EVP of the Kingfisher Airlines will be the CEO of Fly 91 and Harsha Raghavan, managing partner at Convergent Finance, will be Fly91’s Chairman. Convergent Finance will anchor Fly91’s initial $25 million investment.
As per Chacko, the company will focus on 30% of India's domestic passengers from smaller towns and cities, who have to drive or take trains for hours to reach an airport.
They see a huge opportunity in close to 58 airports which fall under the Indian Government's Regional Connectivity Scheme- which are unserved or underserved by existing airlines.
Among the 131 operational airports in India, around 20% do not have flights serving them. Another 100-plus airports will be opened by 2026, highlighting a focus on airport infrastructure.
Currently, airlines are concentrated on popular routes in India. Around 68% of the domestic traffic touch one of the top 10 airports, with less than 5 % of seat capacity deployed on regional routes, leaving a need for tier two and tier three cities to get into the air connectivity map.