As the insolvency process for Jet Airways moves ahead, the airline's stake in Jet Privilege Pvt Ltd that is on an "accelerated growth path", could well be an attraction for prospective bidders.
For its part, Jet Privilege Pvt Ltd (JPPL)—an independent entity in which Jet Airways has 49.9 per cent stake and is part of Etihad Group—is working to build a "robust vertical-agnostic, multi-brand customer engagement platform".
JPPL was set up to manage and further develop JPMiles, a loyalty and rewards programme.
Even as Jet Airways faced turbulence before being forced to ground operations on April 17, JPPL has been a profitable venture.
The company's profit after tax rose to R 129.82 crore last year from Rs 121.64 crore in 2017, as per a document issued for prospective bidders of Jet Airways under the insolvency process.
"JetPrivilege is on an accelerated growth path to build a robust vertical-agnostic, multi-brand customer engagement platform that drives loyalty for brands while accruing numerous meaningful and valuable benefits to members through its reward currency JPMiles," JetPrivilege Managing Director Manish Dureja told PTI.
Immediate focus is to consolidate growth in the travel space, including flights and hotel stays, he added.
In the document, the frequent flyer programme of JPPL has been mentioned as among the factors for investment rationale regarding Jet Airways.
About the programme, the document said it is a "large airline loyalty programme with 8.7 million members, 5 co-branded cards, 150 plus program partners, 2.5K plus award tickets redeemed daily".
Emphasising that its business operations remain secure and stable, Dureja said it continues to stay invested in its members and partners and is dedicated towards creating more value, opportunity and options.
"For us it is business as usual because our journey to create a platform-model began five years ago. We have a lens on the future and are moving towards that," he said.
His response was to a query on what have been the changes at the company after the closure of Jet Airways.
While JPPL does not have an airline partner, members can earn and redeem their JPMiles by booking air tickets available through its website.
"With our air reward offering, Select Flights, powered by EaseMyTrip.com, members have the choice to earn and redeem their JPMiles to fly free across airlines worldwide, to any destination, on any flight and any seat in India or globally. Members can also book flights for their loved ones, family or friends, and earn JPMiles for their entire booking," Dureja said.
According to him, there are close to 10 million members transacting on various platforms whether it is for flying, staying, shopping, fuel or dine-in. "We currently have 200 plus partners across 10 plus categories," he added.
In 2013, Etihad Airways acquired a 24 per cent stake for Rs 2,058 crore in Jet Airways. Later, the Gulf carrier invested Rs 859 crore for 50.1 per cent shareholding in JPPL.
The insolvency professional has sought initial bids for bankrupt Jet Airways till August 3.
