Premji Invest to Invest $125 Million in Akasa Air

$125 million investment in Akasa Air soon? Family offices of Wipro’s Azim Premji, Manipal Group’s Ranjan

Premji Invest, Ranjan Pai's Claypond Capital mulling $125 million investment in Akasa Air

Premji invest, Ranjan Pai team looks to board Akasa Air

Premji Invest, alongside Claypond Capital, is set to invest $125 million in Akasa Air to support its expansion and aircraft payments. This investment will dilute the shareholding of the Jhunjhunwala family and CEO Vinay Dube, who will still remain the largest shareholders. The funds will be utilized for further expansion and pre-delivery payments for aircraft, as Akasa Air aims to capitalize on the current market conditions. Despite facing significant losses in its initial years, Akasa Air has expanded its fleet and is looking to strengthen its financial position.

Premji Invest

Premji Invest is a venture capital firm focused on Consumer, FinTech, and Healthcare investments, seeking to discover underappreciated companies with strong competitive advantages across all stages of their growth.

At Premji Invest (PI), our primary objective is to support the philanthropic initiatives of the Azim Premji Foundation, a not-for-profit organization, to improve the lives of the underserved and underprivileged in society. We do so through our investments in India and overseas. Our charter backs emerging and disrupting technologies, nurturing the entrepreneurial spirit in the country. We strongly believe in the transformative role of technology in improving productivity, thereby driving social upliftment. Our core investment areas include financial services, technology, consumer, healthcare, industrials, and buyouts.

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"Healthcare startups in India are boldly taking on the intricate challenges of healthcare. These new stars of the healthcare system lead the charge in leveraging technology to address the nation’s complex health issues. Motivated by the goal of enhancing accessibility, affordability, and quality of healthcare for every Indian, they are at the forefront of innovation in the sector. But more needs to be done. The industry, in the coming days, needs to focus on tangible clinical applications, emphasising presenting real-world examples, case studies, and data that demonstrate the potential for transforming patient outcomes and clinical workflows,” writes Dr Shravan Subramanyam, Advisor, Healthcare & Med-tech Investments, Premji Invest in The Economic Times.

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“Premji Invest supports the Azim Premji Foundation’s non-profit activities in perpetuity by investing in companies that can create long-term societal value. The Foundation runs deep, on-the-ground work in healthcare and education,” said Sandesh Patnam, Managing Partner at Premji Invest. “Hippocratic AI’s approach towards safe AI helps further the Foundation’s mission. The team has the potential to transform healthcare with an LLM that is safe and effective. We look forward to working with this ambitious and talented team to achieve better outcomes for patients around the globe.”

Hippocratic AI, the company building the first safety-focused Large Language Model (LLM) for healthcare, has closed a $53 million Series A funding round bringing total funding to $120 million.

The round was co-led by Premji Invest and General Catalyst.

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