Harsha Raghavan, Chairman
FLY91 is planning to raise ₹150 crore from existing and new investors to support its growth plans.The Goa based regional airline began operations in March 2024. The airline has sixt ATR-72 aircraft and is in discussions with lessors to add more planes.“ We recently raised ₹63 crore in the first tranche and aim to top up with another ₹150 crore for expansion,” said airline’s chairman Harsha Raghavan.Raghavan is managing partner of private equity firm Convergent Finance, an early investor in FLY91.The airline had previously raised around ₹250 crore, bulk of which came through compulsory convertible preference shares (CCPS). The CCPS have now been converted into equity shares.new destination“Our flights have loads of over 90 per cent. We have just announced Tirupati as our new destination with services from Hyderabad, Rajahmundry and Vijaywada,” he said.Despite the tough operating environment the airline remains firmly in growth more. The airline’s managing director and CEO Manoj Chacko earlier said the ATR-72 aircraft gives better fuel efficiency. This coupled with lean operating model has helped the airline to save costs. It's immediate expansion plans are centred around strengthening connectivity from its existing bases - Goa and Hyderabad.FLY91 has also strengthened it’s management team. Earlier this month it hired Jazeera Airways deputy CEO Krishnan Balakrishnan as its president and chief operating officer. Jitendra Kushwah has joined as chief financial officer after serving in similar role in FSTC, a flight training service provider. “ We have covered long distance since our launch and have ambitious plans for growth. We operate single class ATR-72 fleet with minimal complexity,” Raghavan said. “ Our focus remains on operational discipline and prudent capital allocation,” he added.Published on August 23, 2026
