FLY91 to Raise ₹150 Crore as Regional Airline Expands

Cost control is central to the strategy. Managing director Manoj Chacko said the ATR-72 delivers better fuel efficiency, and the airline's lean operating model keeps expenses down. The immediate expansion plan focuses on strengthening connectivity from its two bases: Goa and Hyderabad.

FLY91 has also strengthened its management. This month it hired Jazeera Airways deputy CEO Krishnan Balakrishnan as president and chief operating officer. Jitendra Kushwah joined as chief financial officer from FSTC, a flight training provider.

Raghavan, managing partner of private equity firm Convergent Finance, said the airline's focus remains on operational discipline and prudent capital allocation. The airline previously raised about ₹250 crore, mostly via compulsory convertible preference shares, which have since been converted to equity.