JetSetGo, a private chartered flight operator in India, has set its course towards unchartered territory – Aircraft Leasing. So far, Indian airline operators have regularly been leasing aircraft from well-established international companies.
With the new Hawker 850 set to join the fleet next month, JetSetGo will become the first Indian aircraft leasing company. The company plans to lease this first aircraft to one of its own group companies. JetSetGo intends to bring in six more aircraft by the end of 2021-22.
JetSetGo launched in 2013. Since then, the company has transformed the accessibility of private travel around India. With its Delhi headquarter and supported by bases in Dubai, Mumbai, and Bengaluru, the company serves India’s elite to fulfil their demanding travel requirements.
During and after the pandemic, private air-charters saw a rising demand in India. According to Kanika Tekriwal, the Founder and CEO of JetSetGo –
The pandemic ultimately resulted in the complete shift of consumer mindset and how they look at private aviation altogether; now, people are more concerned about their safety and well-being, unlike before, and opt for private charters instead. Because of this situation, we saw many first-time flyers sending their requests to travel with us.”
With the increasing demands for air charters, aircraft leasing in this segment may yield rich dividends.
The typical requirement of a chartered flight in India is to fly anywhere between 8 to 15 passengers. The range of the aircraft needs to be such that it can cover distances to nearby countries such as Dubai, Singapore, Bangkok and the Maldives. These destinations are popular tourist getaways. A range of between 2500 to 3000 kilometres would suffice for both domestic and international locations.
JetSetGo’s existing fleet meets the required standard. Among their fleet, they have a Bombardier Challenger 604, Gulfstream G450, Hawker Beechcraft 800XP, and Falcon 2000. The price advertised on the company’s website works out to about INR 350,000 ($4700) to INR 550,000 ($7400) per flying hour, depending on the aircraft. This price is by far cheaper when compared to the cost of ownership of such an aircraft.
Air travellers in this segment have increased by 25 per cent since the beginning of the year. The Private Passenger Terminal at Delhi Airport corroborates this fact. Super wealthy Indian’s are now finding a new way of luxury travel.
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