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The Mahapatras, who were supposed to invest nearly half the targeted Rs 2,250 crore, haven’t done so yet, forcing the Ajay Singh-led airline to seek more time to complete the exercise.
The country’s top VC funds are flush with new fundraises. They must now find opportunities to invest, but that’s easier said than done.
As much as he would like to convince investors about the airline’s prospects, it’s increasingly clear the low-cost carrier is just about managing to stay afloat.
Interminable delays and multiple out-of-court settlements later, the world’s leading lessors have tweaked their India playbook—stiffer terms, higher rentals. The fallout has hit aviation startups hard.