New Delhi, Sept. 17 -- In a country where most startups chase valuations, subsidies, or hype, Akasa has done something far rarer by beating incumbents in one of the toughest, most capital-hungry of industries. In less than four years since it was founded by Vinay Dube and Aditya Ghosh with investor Rakesh Jhunjhunwala as its financial backer, the newcomer has overtaken SpiceJet to become India's third-largest carrier by revenue. At a time when, dragged down by debt and unpaid vendors, its older rival is barely keeping half its fleet in the air, Akasa is adding to its fleet of 30 Boeing 737 MAX aircraft, securing fresh funding and grabbing market share. The result is a 49% year-on-year revenue increase in FY25 even as SpiceJet reported a s...