IndiGo, the no-frills airline that started its journey in 2006 with borrowed aircraft, has scripted a new history in global aviation. For a short while, IndiGo became the world’s most valuable airline by market capitalization, overtaking even big American names like Delta Airlines.
Even though the top spot lasted only for about an hour, it marked a big moment for India’s aviation industry. Let’s understand how a young Indian airline, which started during tough times, managed to fly this high.
When IndiGo Overtook Delta
On Wednesday, IndiGo’s market cap touched ₹2.01 lakh crore (approx. $23.24 billion), pushing it slightly ahead of Delta Airlines ($23.18 billion) and making it the world’s most valuable airline, even if briefly.
This spike came after IndiGo’s stock price hit a 52-week high, rising by 0.68% to ₹5,189.40 on the BSE. However, the celebration didn’t last long. A sharp rise in Delta’s shares soon pushed its market value to $28.60 billion, taking back the number one position.
Still, IndiGo’s achievement is historic, especially when you consider the airline is just 18 years old, while Delta was founded way back in 1929.
Incredible Growth in Less Than Two Decades
In 2018, IndiGo’s market value was just around $7.72 billion, while Delta stood at $36.67 billion. Within just six years, IndiGo has closed this gap significantly.
As of 2024, the airline operates over 15,700 flights per week, connecting major cities and smaller towns across India and abroad. Though still behind Delta’s 35,000+ weekly flights, IndiGo’s growth rate is unmatched.
At the end of 2024, IndiGo had 437 aircraft in its fleet. In June 2023, it made headlines by placing the largest aircraft order in aviation history—500 planes from Airbus. The company expects to receive nearly 1,000 aircraft over the next 10 years, showing its confidence in India’s growing air travel market.
The Humble Start: Born Out of a Bold Idea
IndiGo was founded by Rahul Bhatia, an Indian businessman from Delhi, and Rakesh Gangwal, an aviation expert based in the US. Bhatia had the idea, and Gangwal had the global experience and connections.
IndiGo’s parent company, InterGlobe Aviation, got its airline license in 2004. But the company had no planes. Using his strong network, Gangwal managed to lease 100 aircraft from Airbus, which helped IndiGo start its operations in August 2006.
The timing wasn’t great—India’s aviation sector was facing big losses. Yet, IndiGo focused on low fares, on-time service, and simple operations, which clicked with Indian travellers. The airline soon earned a reputation as the airline that made air travel possible even for the middle class.
Internal Rift: Gangwal vs Bhatia
In 2020, the success story faced turbulence. A disagreement between the co-founders came to light. Gangwal raised issues with the company’s Articles of Association and demanded changes in governance.
He stepped down from the board in February 2022. As of now, Gangwal holds a 5.31% stake, and his Chinkerpoo Family Trust owns another 8.24%.
Rahul Bhatia, on the other hand, remains firmly in control, holding about 36% of InterGlobe Aviation. According to Bloomberg’s Billionaire Index, Bhatia’s net worth is $9.42 billion.
What’s Next for IndiGo?
Even though the top spot was temporary, it proves that Indian aviation is ready to compete on the world stage. IndiGo’s massive aircraft order, aggressive expansion, and market leadership with a 64% domestic share all signal a bright future.
But competition is heating up. With Air India’s revival under the Tata Group, IndiGo will have to keep innovating to maintain its lead.
Still, from flying borrowed planes to becoming the world’s top airline for even a moment—IndiGo has already achieved something remarkable.
