Aircrafts aggregator start-up JetSetGo records 700% revenue growth
Founded as an aircraft aggregator for charter jets, Indian start-up JetSetGo has been flying high after recording growth of over 700% in revenues this year. The company stated that it averages almost one jet every hour of the day, and has churned over 4,025 movements during the fiscal year. JetSetGo also claimed that private jet flying bills have been reduced by around 25%.
JetSetGo: India's marketplace for chartered jets
India's burgeoning aviation sector saw the launch of a successful start-up in March 2014, JetSetGo, that served as an aggregator for private jets in the country. The New Delhi-based start-up was launched by cancer survivor Kanika Tekriwal, who aimed to break into a niche space in the country's aviation industry. The business helps connect customers to companies that charter flights.
Is this business model viable?
The last two years saw the private jet industry's growth dip, although businessmen still frequent private jets for business requirements. "Most people charter to go to places that are not so well connected by commercial airlines," says Rohit Kapur, head of an airlines company.
Who are JetSetGo's target customers?
The founder of the company reveals that the average net worth of her customers is close to $100 million. Corporate houses serve as her biggest customer base, and charter the majority of JetSetGo's services. Kanika states that the aggregator has helped organize birthday parties for the affluent to bachelor parties and pre-wedding photo shoots in the luxurious private jets.
Is the experience heavy on the pocket?
The cost of hiring a jet for parties start from Rs. 60,000 to Rs. 2.5 lakh per hour, depending on the jet. Its recent client had indulged in dates that included relishing a seven-course meal with ostrich-eggs and crabmeat risotto mid-air for Rs. 5.5 lakh.
