SpiceJet: A Turbulent Journey SpiceJet's history began in 1984 as a private air taxi service founded by S K Modi. A subsequent partnership with Lufthansa saw it operate as Modiluft before ceasing operations in 1996. Reborn in 2005 under Ajay Singh's leadership as a low-cost carrier, SpiceJet quickly gained traction, becoming India's third-largest low-cost airline by 2008. Significant investment from Kalanidhi Maran's Sun Group in 2010 fueled expansion, with substantial aircraft orders. However, rising fuel prices and operational challenges led to losses by 2012. While a subsequent investment by Maran restored profitability, the airline faced further difficulties. The sale of Sun Group's stake to Ajay Singh in 2015 marked a turning point. Subsequent years saw aircraft acquisitions, including those from grounded Jet Airways. Nevertheless, the Boeing 737 MAX grounding and the COVID-19 pandemic severely impacted SpiceJet's finances, resulting in substantial losses and regulatory scrutiny from the Directorate General of Civil Aviation (DGCA) in 2022, including flight restrictions. Despite these setbacks, a successful Qualified Institutional Placement (QIP) in September 2024 secured US$340 million, addressing pending dues and paving the way for fleet expansion and a return to full operational capacity. The airline's financial recovery is underway, with debt reduction and salary payments now addressed. As of October 2024, additional funding is expected, signalling a potential resurgence for SpiceJet in the Indian aviation market.