Meet IIT Graduate Who Got Richer By Rs 11,385 Crore After Selling... In India’s Largest Airline; Check His Net Worth

IndiGo co-founder Rakesh Gangwal and his family trust offloaded a 5.72% stake worth ₹11,385 crore ($1.33 billion) via a block deal, reducing their holding significantly in India’s largest airline, InterGlobe Aviation Ltd, according to the media reports.   

The latest deal involved selling up to 2.2 crore equity shares at a floor price of ₹5,175 per share, according to a term sheet filed with the exchanges on Tuesday.  

He was born in 1953, Rakesh Gangwal studied Mechanical Engineering at IIT Kanpur and earned an MBA from the Wharton School, University of Pennsylvania, laying a strong academic foundation for his aviation career. 

Rakesh Gangwal held key roles at United Airlines, Air France, and US Airways before co-founding IndiGo. He also served as chairman and CEO of Worldspan Technologies, a leading travel technology company. 

IndiGo’s model revolved around operating a single aircraft type—the Airbus A320—helping the airline cut maintenance and training costs, a hallmark of its efficient low-cost strategy.  

Since July 8, InterGlobe Aviation has lost ₹8,300 crore in market value as investors reacted to concerns over corporate disputes potentially affecting IndiGo’s operations. 

Rakesh Gangwal, who co-founded IndiGo with Rahul Bhatia in 2006, later fell out with him over governance issues. He even sought intervention from PM Modi, citing concerns in a letter to SEBI.  

Between 2022 and 2023, the Rakesh Gangwal family gradually trimmed their stake, selling portions for ₹2,005 crore, ₹2,944 crore, and over ₹2,800 crore in three major transactions before the latest offloading.  

Rakesh Gangwal has a real-time net worth of USD 6.3 billion, as of May 27, Forbes reported. The 72-year-old made his fortune from InterGlobe Aviation, the parent outfit of IndiGo, India's largest airline by market share. (Image Credit: Social Media)