SpiceJet started flying in May 2005. By 2008, it became India's second-largest low-cost airline in terms of market share. Based in New Delhi, SpiceJet was earlier known as Royal Airways, a reincarnation of ModiLuft.
It was promoted by Ajay Singh, Sanjay Malhotra and the Kansagra family. Rising fuel costs and increasing competition resulted in SpiceJet posting a loss in the first quarter of 2008-09. In July 2008, billionaire Wilbur Ross announced that he would invest about Rs 345 crore (Rs 3.45 billion) in the airline.
SpiceJet started offering fares at Rs 99, which attracted a lot of travellers! Amidst all this turbulence, SpiceJet still offers fares at Rs 99 in some sectors.
SpiceJet was voted as the best low-cost airline in South Asia and Central Asia region by Skytrax in 2007. SpiceJet opeartes 94 flights daily to 16 cities across India and has a fleet size of 21. SpiceJet was recognized as Best Low Cost Airline for 2007 by TAFI (Travel Agents Federation of India).
SpiceJet voted the Best Low Cost Airline by a reader's survey conducted nationally by India's leading travel magazine Outlook Traveler(Feb 2008).
Image: Passengers crowd Indian airline Spicejet counter in Mumbai.| Photograph: Sebastian D'souza/AFP/Getty Images
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