HYDERABAD- JetSetGo, an Indian private aircraft service provider, is strategizing to expand its flight offerings connecting smaller cities, capitalizing on the increasing travel demand from a burgeoning class of affluent individuals residing outside urban centers.
India stands as the world’s fastest-growing aviation market, and Prime Minister Narendra Modi’s government has actively pursued the development of more airports. Simultaneously, there is a heightened demand for private jets, fueled by the growing expenditures of the ultra-wealthy on air travel.
JetSetGo Orders 280 New Aircraft
This week, Indian airport authorities have been working diligently to allocate parking space for private jets at several airports near the northern city of Ayodhya, where the inauguration of a grand Hindu temple is scheduled.
On Friday, JetSetGo announced a partnership with manufacturers of smaller jets, including Horizon Aircraft, Electra.aero, and Overair, to procure 150 aircraft in a deal valued at $780 million. This strategic alliance aims to enhance connectivity to smaller cities across India.
The agreements encompass the possibility of acquiring extra aircraft, potentially expanding the fleet size to 280 and consequently elevating the total deal value to over $1.3 billion.
Jonathan Summer, Chief Strategy Officer at JetSetGo, remarked, “The notion that high-net-worth individuals and successful entrepreneurs are primarily located in cities might have been true a few years ago, but that dynamic is evolving.”
He highlighted the significant potential in smaller regional markets, emphasizing that while a considerable portion of their operations currently focuses on major and secondary cities in India, there is a noteworthy opportunity in tertiary regional areas.
Delivery to Begin by 2027-28
JetSetGo anticipates the initial batch of the new aircraft to be delivered by 2027-2028. Traditionally, private jets in India have been utilized by prominent business leaders, politicians, or senior executives.
However, a growing demographic of affluent Indians with substantial disposable incomes seeking to indulge in luxury travel is proving to be advantageous for the sector.
According to Summer, the cost of an hourly journey on a mid-sized private jet in India ranges from 350,000 to 500,000 rupees ($4,214-$6,020), placing it beyond the reach of most Indians, even those with substantial wealth.
JetSetGo aims to alleviate this cost barrier by reducing travel expenses per hour by 10%-15% through the utilization of new, smaller electric and hybrid-electric propulsion planes designed for air taxi-style services covering short distances.
The company is specifically targeting high-net-worth families who embrace a lifestyle centered around private aircraft travel, as highlighted by Summer.
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