SpiceJet

1984–1996: ModiLuft era

The origins of SpiceJet can be tracked back to March 1984 when the company was established by Indian industrialist Satish Kumar Modi to provide private air taxi services. On 17 February 1993, the company was named as MG Express and entered into technical partnership with the German flag carrier Lufthansa. The airline provided passenger and cargo services under the name of ModiLuft before ceasing operations in 1996.

2005–2013: Inception and expansion

In 2004, the company was acquired by Ajay Singh and the airline planned to restart operations as SpiceJet following the low-cost model. SpiceJet leased two Boeing 737-800 aircraft in 2005 and planned to order ten new aircraft for expansion. SpiceJet opened bookings on 18 May 2005 and the first flight was operated between Delhi and Mumbai on 24 May 2005. By July 2008, it was India's third-largest low-cost carrier in terms of market share after Air Deccan and IndiGo. Indian media baron Kalanithi Maran acquired 37.7% stake in SpiceJet in June 2010 through Sun Group. The airline ordered 30 Boeing 737-8 aircraft worth US$2.7 billion July 2010 and a further 15 Bombardier Q4 Dash short-haul aircraft worth US$446 million in December 2010.

In 2012, SpiceJet suffered a loss of over ₹39 crore (US$4.0 million) owing to increase in global crude prices. On 9 January 2012, the Directorate General of Civil Aviation, reported that several airlines in India, including SpiceJet, have not maintained crucial data for the flight operations quality assurance. The Bombay Stock Exchange announced that ever since June 2011, SpiceJet had been suffering losses. In 2012, Kalanidhi Maran increased his stake in the airline by investing ₹100 crore (US$10 million) in the airline. The airline returned to profits at the end of the same year. SpiceJet entered into an inter airline pact with Tigerair on 16 December 2013 which was scrapped in January 2015.

2014–present: Downturn and recovery

In January 2015, the Sun Group sold its entire shareholding and transferred control to Ajay Singh. In September 2017, the airline placed an order for 25 Q400 turboprop aircraft. In 2019, SpiceJet took over 30 aircraft that were grounded by Jet Airways.

The airline posted net losses of US$34.6 million during the fiscal quarter ended 31 March 2021, as revenue fell by 28% annually to $294.8 million. The airline planned to raise funds to the tune of $337.2 million to ensure its long term sustainability. In May 2022, Directorate General of Civil Aviation started a safety investigation into the company's aircraft following a series of incidents involving malfunctioning plane equipment. In July 2022, DGCA imposed restrictions on the number of flights to be capped at 50% of the existent flights with strict monitoring. As of June 2024, it is the sixth largest airline in India by number of domestic passengers carried, with a market share of 4%.

On 12 September 2024, SpiceJet announced that its shareholders approved a fund raising initiative of ₹3,000 crore (US$310 million) through Qualified Institutional Placement (QIP) shares in order to pay pending dues amid financial challenges, legal battles and grounding of aircraft. The airline's downturn and requirement of funds was due to two consecutive events, Boeing 737 MAX groundings and the COVID-19 pandemic. However, the funds have been realised and the airline plans to return to the market with full capacity and fleet expansion. The airline will clear a debt of ₹750 crore (US$78 million) to the lessors with the newly acquired funds. On 5 October, it was reported that the airline cleared the four-month due salaries and GST and deposited 10-months dues of Provident Fund (PF).

As of October 2024, SpiceJet is also scheduled to receive ₹736 crore (US$76 million) from a previous funding round.