Saturday, August 21, 2021

Flybig’s financial woes ease up for now as it ropes in new investor

Mumbai: After facing severe headwinds, Flybig seems to be out of the woods for now. The regional airline has now onboarded a strategic investor. The airline is set to induct two aircraft in the next two months The company did not disclose the name of the investor or the amount it has received.

“This partnership will play a key role in maximising fleet expansion. In order to reinforce its network, the airline is introducing two new aircraft to its fleet in September and another two in October making a total of five operational aircraft by the end of 2021. The new planes will be stationed at Guwahati and Indore hub,” the company said in a statement.

Pilot-turned entrepreneur Sanjay Mandavia had started the airline in December last year and was operating in a handful of routes with just one aircraft. At least three top management executives, including the CEO, CFO and COO, had quit the company. It had also deferred salary payments and deliveries of aircraft.

But now as the airline is gearing up expand its fleet, the company has strengthened its management team and has onboarded Captain CS Randhawa as the Executive Vice-President.

20/08/21 Hindu Business Line

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