Private Jet Booking Platform JetSetGo Bags Around $2M in Funding

Private jet and helicopter operator, JetSetGo Aviation Services Pvt. Ltd has raised a fund of around $2 million from Puneet Dalmia, MD, Dalmia Bharat Ltd.

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In July, Indian cricketer Yuvraj Singh-promoted YouWeCan Ventures acquired an undisclosed stake in JetSetGo. The executive mentioned earlier said the company is looking to raise an additional $4 million in the next couple of months

The raised capital will be used to expand the company’s ground presence in key airports, launch inter-city private jet shuttles, air ambulance services and an online platform for helicopter bookings.

Founded in 2013 by Kanika Tekriwal and Sudheer Perla, JetSetGo, aspires to transform the private aviation business by redefining the experience for private charter customers.

“We are trying to simply bring aviation back to its roots and are putting the customer in front of everything else. With this singular focus on delivering superior value for every flight and for every customer, we are gaining loyalty of a genre of customers who probably are the most difficult to please generally,” said Kanika Tekriwal, CEO and co-founder of JetSetGo.

The company has facilitated 75 trips since its launch and the average cost of travel is Rs.25,000 to Rs.1 crore, Tekriwal said. It has five jet planes and two helicopters ferrying mostly top executives of large corporations and celebrities.

Commenting on the aviation industry in India, Sudheer Perla said in a statement,“In aggregate, the private aviation industry in India is losing value. We are trying to change that. People generally misunderstand private air travel to be discretionary or only an indulgent form of travel. If one were to take a cross-section of Indian corporates and compare those that have consistently over performed over the years or contributed in higher proportion to economic growth, especially in Tier 2 or 3 (smaller cities) locations, one would see almost all relying on private aviation.”

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India’s regional aircraft fleet is estimated to grow from 55 in 2011 to 261 by 2025 at a compounded annual growth rate of 12-13%, according to a 2012 report by consultancy firm AT Kearney. With its proposition the company will be able to cater to a small percentage of the audience, how big can this model become in a country like India remains a question.

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