New Delhi, July 4 -- Airline startups-such as Lucknow-based Shankh Air, Gurugram-based FlyBig, and Goa-based Fly91-are moving beyond the industry's leasing-first model, opting instead for a hybrid fleet strategy that blends leased and owned aircraft. The goal, industry executives say, is to balance financial risk, win over conservative lenders, and build long-term value.

Historically, leasing has dominated Indian aviation. Over 80% of commercial jets are leased in India, compared to approximately 53% globally, according to industry reports from Primus Partners and PwC. But new entrants believe a partial shift to ownership may increase credibility with banks and investors.

"We are pursuing a well-calibrated growth strategy that blends le...