Private jet booking start-up JetSetGo is planning to raise $6 million in the next two months to scale up its market share and team size.
The market place for chartered flights and helicopters intends shedding 30 per cent of its stake to raise funds from family offices and private equity (PE) funds.
Kanika Tekriwal, CEO & Co-Founder, JetSetGo, said, “We are negotiating term sheets with PE funds and want to go in for our first round of funding to raise $6 million.”
While HNIs, politicians and corporates comprise JetSetGo’s core clientele, its services also span across segments ranging from medical evacuation, to weddings and religious pilgrimages, apart from providing ground services for its clients.
“There are companies like Tatas (Taj Air), Religare, DB Realty and Oberoi Group who want to lease out their aircraft for chartered flights at times when they are not using it themselves. Our revenues come from the commissions we make from selling such chartered flights,” adds Tekriwal.
Small aircraft like Legacy and Falcon Challenger are used for short destination flights, and the rates for flying can range from ₹1 lakh to a few crores, depending on the destination.
Film stars also comprise a large chunk of its clientele, who use private chartered flights to promote their films before release.
“Actors like Shah Rukh Khan are entirely dependent on private charters when they travel,” said Tekriwal.
“We are also in talks with hospitals in tier 2 and 3 cities where doctors and hospitals may need our services to transport their patients during an emergency,” she adds.
JetSetGo intends to scale up its marketplace, and take it to countries in Africa and West Asia.
“There are HNIs in these countries engaged in the oil and diamonds business who want the luxury of a private jet. Hence, we will expand our services in these markets,” concluded Tekriwal.