Flightshares has launched an aircraft management company in India that is dedicated to fractional programmes after co-founder and MD Jayant Nadkarni spotted a gap in the market: “We had seen that there was no aircraft management company in India specifically offering fractional aircraft ownership programmes. The market in India is small and nascent, not just in terms of business aviation fleet size, but also there are just two options for users to fly private: by sole ownership or by charter. India was missing the kind of fractional models that are so popular in the US and Europe. We realised that was also because the Indian market is so small, that it was natural to think ‘what's the point?’.

“The time may not have been right before, but we feel it is now. The Indian market is poised to grow, with businesses beginning to do well again and the economy rebounding after COVID-19. India does seem to have kind of learnt to live and work with COVID-19. Businesses do need to move around more efficiently than is currently possible with airlines and private options in the country.”

Starting a fractional model is arguably more complex than a straight aircraft management firm. But Nadkarni believes that the market is better for a robust fractional product. India has 8,400 businesses with between US$66 million to US$266 million in annual revenues, a strong target segment that could realise the benefits of private aviation, especially where companies cannot justify sole ownership.

He continues: “To start with, we will focus on light jets and light turboprops, and are testing the market with programme offerings around Phenoms, PC-12s, TBMs and light helicopters. We will see which segment has greater and faster market traction, and will focus on those aircraft as part of our offering. To clarify, we don’t have the aircraft yet. We will offer the programmes first, and depending on the market reaction received, we will go out and acquire them.

“Our biggest challenge is to exercise patience, because the conversion process is long. We have built a programme and gone to market, and now we have to – understandably – educate the market on the concept. Going by the reception, people and businesses are curious and want to know more. So we know this patience is allowing us to build a picture of the market and a database on real prospects that we know will be useful in the long run. We are in it for the long haul, and learning along the way, so it's well worth it.”

Flightshares plans to induct at least one aircraft into its programme by the end of 2021, with more to follow in the new year.