Welcome Aboard

Welcome aboard SpiceJet! As we head into summer, the festive spirit is already in the air with Holi around the corner, followed by Eid-ul-Fitr and Mahavir Jayanti. These occasions remind us of what makes India special – our diversity and our ability to come together. At SpiceJet, this sense of togetherness is at the heart of what we do. Every flight is about connecting people, families and communities across the country.

By Ajay Singh, Chairman & Managing DirectorMarch 2026 · Issue 197

Ajay Singh, Chairman & Managing Director of SpiceJet, leaning against an aircraft engine — Spice Route, March 2026

DEAR READERS,

Welcome aboard SpiceJet!

As we head into summer, the festive spirit is already in the air with Holi around the corner, followed by Eid-ul-Fitr and Mahavir Jayanti. These occasions remind us of what makes India special – our diversity and our ability to come together. At SpiceJet, this sense of togetherness is at the heart of what we do. Every flight is about connecting people, families and communities across the country.

India is passing through an important phase in its growth story. The country is playing a larger role on the global stage, with new trade agreements opening doors for Indian businesses and workers. Aviation has an important part to play in this journey by helping people travel, trade and stay connected – both within India and with the world.

For SpiceJet, the past few months have been about rebuilding with care and focus. The results are encouraging. Our domestic market share has more than doubled, and more passengers are choosing to fly with us. We are operating at an outstanding 90% passenger load factor (occupancy rate) and flew 1.9 million guests in Q3 FY26, which was a 77% increase over the previous quarter. While there is still work to be done, the direction is positive.

We are now preparing for the next phase of growth. Over the course of this year, we plan to expand our fleet to around 60 aircraft. This will allow us to add more flights and serve more destinations, while continuing to grow in a responsible and measured way.

Strengthening connectivity remains central to our plans. Whether it is linking Indian travellers to destinations like Sharjah or improving access to the North East through new services such as Imphal, our aim is to reduce distances and open up opportunities for people and businesses alike. None of this would be possible without the dedication of our pilots, cabin crew, engineers and ground staff. Their discipline, hard work and commitment – often behind the scenes – have been critical to the progress we are making.

I would also like to congratulate our Indian boxers for their outstanding performance at the BOXAM Elite 2026 Tournament in Spain. Winning 19 medals and topping the medal table is a proud moment for the country and a reminder of what perseverance and belief can achieve.

As we look ahead, our goal is simple: to offer reliable, affordable and comfortable travel, and to serve you better with every journey.

Thank you for choosing SpiceJet and for being part of our journey.

Wishing you safe and pleasant flights ahead.

Jai Hind!

Best Regards

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LEADERSHIP CONVERSATION

Disclaimer:

The information provided in this article is for general informational purposes only. While 1XL Ventures aims to help businesses achieve sustainable growth, individual results may vary based on factors such as market conditions, execution, and other variables. The past performance of 1XL Ventures and its portfolio companies is not indicative of future results. Investments carry inherent risks, and prospective investors should conduct their own due diligence and consult with a financial advisor before making any investment decisions.

BuildingScalableBusinessesThroughStructuredGrowth

What gap in the market led you to conceptualise 1XL Ventures under the IGF framework?

Investors often worry about unpredictability.

How does 1XL Ventures address risk?

What type of businesses are ideal partners for 1XL Ventures?

How does 1XL Ventures change the traditional venture model?

Why separate strategy

(ISF)

and marketing (IMF) infrastructure?

IGF

ensure predictable growth rather than aggressive, unstable expansion?

What differentiates

1XL

Ventures from agencies or consulting firms?

do you evaluate whether a business is ready for ISF implementation?

What role does leadership maturity play in this framework?

see shaping the future of venture partnerships?

Many founders resist structured frameworks.

handle that?

From an lens, what makes IGF attractive?

enhance long-term valuation?

Is IGF adaptable across industries?

If you had to define 1XL Ventures in one sentence what would it be?

Dr. Dhiraj Jain:

We observed that most startups don’t fail because of product weakness. They fail because growth is unstructured. There is vision, there is effort, but there is no architecture. IGF [Integrated Growth Framework] was born to bring that architecture.

It separates strategic clarity from growth execution, ensuring businesses scale in a predictable and disciplined way.

Risk reduces when systems replace assumptions. ISF ensures alignment in business model, positioning, and scalability before growth acceleration begins. IMF then creates measurable demand pipelines.

Our system removes unpredictability from growth.

Dr.

Dhiraj Jain:

We partner with sales-ready businesses that have market validation but lack structured scale. The ideal founder understands their product, has proven demand signals, and is ready to transition from hustle-driven growth to system-driven expansion. We look for clarity of vision, disciplined execution, and openness to strategic alignment, not just wishful thinking.

Mamata Traditional venture capital provides funding oversight.

Ventures provides structured partnership. We don’t just invest, embed systems.

The Integrated Strategy Framework defines strategic direction & the Integrated Marketing Framework [IMF] builds growth infrastructure.

This combination is IGF that transforms capital from fuel into a growth engine.

Dr. Mamata Jain:

Because confusion between the two causes chaos. Strategy defines where to go. Marketing builds the road to get there. Most companies mix both and lose direction. IGF brings discipline by ensuring strategy is defined before scale is accelerated.

ISF brings strategic clarity, aligning positioning, unit economics, and scalability before growth begins. IMF then builds structured demand pipelines that generate consistent inflow instead of one-time spikes. When strategy and demand infrastructure work together, growth becomes predictable, controlled, and valuation-focused, not aggressive or unstable.

Agencies deliver services. Consultants deliver advice. We deliver embedded partnership with equity alignment. Our success is directly linked to of portfolio company.

assess three factors: validated market demand, basic operational discipline, and founder readiness for structured leadership. IGF is designed to accelerate readiness not repair instability.

Leadership maturity is central. Systems fail if leadership resists accountability. We partner with founders who are ready to transition from operator to strategic leader.

We believe the future lies in demand-led venture ecosystems. Funding alone is no longer differentiation.

Structured growth enablement is.

Frameworks not restrict creativity, they protect it. Once founders see clarity in numbers, positioning, and demand flow, they understand structure empowerment, not control.

create measurable, repeatable performance across portfolio companies.

this means greater visibility, reduced volatility, and stronger valuation consistency.

converts an uncertain outcome into a structured process. By standardising strategic alignment through ISF and demand through

IMF,

Valuation increases when revenue becomes predictable. Predictability increases when demand infrastructure is strong. IGF builds that infrastructure and valuation becomes sustainable, not speculative.

Absolutely. IGF is built on universal growth fundamentals, industry specific assumptions.

Every business needs strategic clarity, operational alignment, structured demand creation. While tactics vary by sector, the architecture of scalable growth remains consistent, allowing adapt across industries with contextual execution.

A venture partner that transforms potential businesses into structured, scalable, and valuation-ready enterprises.

NKN MEDIA INTERNATIONAL OFFICES UAE

Vol. No. 19 | Issue 197 | March 2026

PUBLISHER

NKN Media Group CEO Abdul Majid Khan Editor Florina Soren Head Office | NKN Media Dubai Media City Building 6 - 1st Floor - Office 109 King Salman Bin Abdulaziz Al Saud St - Al Sufouh - Al Sufouh 2 - Dubai Tel: +971 52 219 3009, Email: info@nknmedia.in Advertising:

info@nknmedia.in

Content contributions:

editor@nknmedia.in VP - Sales & Marketing Shakil Siraj Naviwala Phone: +971 52 822 8316 VP - Sales, India Amit Tayde Phone: +91 9167793997 India Office | NKN Media Noida | Regus Suite # 1614, World Trade Tower, Tower B, 16th Floor, Sector 16, Noida, UP - 201301 I Phone: +91 8982339682 Mumbai | Springboard 91 - 0.4 Gate No 2B, Godrej & Boyce Industry Estate, Lal Bahadur Shastri Marg, Vikhroli West, Mumbai, Maharashtra - 400079 I Phone: +91 9819244603 Chennai | Senate Space, W-126, 3rd Floor, 3rd Avenue, Anna Nagar, Above Shri Gowrikrishnaa Hotel, Chennai, Tamil Nadu - 600040 I Phone: +91 9884317666

| GM -

Asad Hussain Dharsi NKN MEDIA FZ L.L.C, - Dubai Media City Building 6 1st floor - Office 109. Phone: +971 56 386 2110 Singapore | NKN MEDIA PTE. LTD, 3 Shenton Way #07-03 Shenton House (068805). Phone: +65 9008 0571 London | NKN MEDIA UK LIMITED, 25 Tarry way, Boughton, Northampton, England, NN28GP. Phone: + 44 7424 491361 Sri Lanka | NKN MEDIA (PVT) LTD, Paramount Tower, Level 02-05, No:192 9th lane, Nawala Road, Kotte. Phone: +971 522193009 ’ magazine is published by for exclusive circulation on commercial flights operated by SpiceJet.All articles, advertisement content,images and photographs published herein are created by the Publisher and/or contributor at their own discretion and do not necessarily represent the views of SpiceJet. All rights, title and interest (including intellectual property rights) in and to the materials shall vest either with the Publisher or any contributor (including SpiceJet, in certain cases) of such materials.The Publisher is solely liable for any claims for breach of intellectual property rights by any third party in relation to materials appearing in the SpiceRoute magazine (except such materials and content which have been created by SpiceJet, in which case SpiceJet or its service providers shall be liable for such claims). SpiceJet shall bear no liability for any article, content, advertisement, advertorial, image or photograph appearing in any issue of this magazine including any content which is communal, indecent, gender discriminatory, caste-creed discriminatory, racist, defamatory or libelous to any person, organisation, etc., except in case of content which has been created by SpiceJet. All materias are strictly copyrighted and all rights reserved. No part of the publication may be reproduced in whole or part without prior written permission of the copyright holder, Publisher and SpiceJet. All articles marked as ‘In Focus’ in the magazine are advertorials/advertising support.