Air Pegasus
| Company type | Subsidiary |
|---|---|
| Industry | Airline |
| Founded | 2014 |
| Defunct | 2016 |
| Fate | Ceased operations; flying licence revoked; company dissolved |
| Headquarters | Bangalore , India |
Area served | South India |
Key people | Shyson Thomas (Managing Director) |
| Products | Regional air transport services |
| Parent | Decor Aviation |
Air Pegasus was an Indian regional carrier with a brief operational history, headquartered in Bangalore and centered at Kempegowda International Airport. It operated as a subsidiary of Decor Aviation, a company specializing in aircraft ground handling. The airline launched its services on 12 April 2015, initiating flights on the Bangalore-Hubli route. However, due to financial constraints, it ceased operations on 27 July 2016. At the time of suspension, Air Pegasus connected eight airports across South India from its hub at Kempegowda International Airport, utilizing a fleet of three ATR 72-500 aircraft. The Directorate General of Civil Aviation (DGCA) revoked its flying licence on 22 November 2016. In late 2017, managing director Shyson Thomas revealed intentions to restart services in early 2018 through collaboration with Dawn Aviation and through resolving outstanding debts. Despite these plans, multiple legal challenges were filed against the company’s management, and outstanding liabilities remained unsettled. Ultimately, Air Pegasus was officially removed from the Indian corporate registry on 18 April 2023.
History
The airline received its first ATR 72 aircraft in September 2014. It was granted its Air Operator’s Permit (AOP) on 24 March 2015 and commenced commercial flights on 12 April 2015, initially flying between Bangalore and Hubli.
Operations were halted on 27 July 2016, with initial explanations citing technical difficulties; however, financial troubles soon surfaced. Lessors of the three leased aircraft pursued deregistration actions after the airline defaulted on lease payments. Air Pegasus proposed to settle half of the outstanding amounts immediately and pay the balance in installments once flights resumed.
This repayment arrangement ultimately failed, prompting the DGCA to deregister the entire fleet by October 2016. Managing director Shyson Thomas expressed intentions to recommence flights by mid-November using a leased ATR 72-500.
On 5 October 2016, DGCA issued a show cause notice for Air Pegasus’s failure to operate scheduled services. Following an unsatisfactory response from the airline, its flying licence was suspended on 22 November 2016.
In early 2017, FlyEasy attempted to acquire a controlling stake of 74% in Air Pegasus; however, this acquisition did not materialize due to insufficient funding. Later that year, Thomas announced a partnership with Dawn Aviation aimed at transferring approximately 60% ownership and nearing completion of debt repayments. The plan involved relaunching flights in the first quarter of 2018 using leased ATR 72-500 aircraft. Despite these efforts, both Dawn Aviation and Air Pegasus were dissolved by 2022 and 2023 respectively.
Destinations
As of May 2016, Air Pegasus served the following destinations within India:
| State | City | Airport | Notes |
|---|---|---|---|
| Karnataka | Bangalore | Kempegowda International Airport | Hub |
| Karnataka | Hubli | Hubli Airport | — |
| Karnataka | Mangalore | Mangalore International Airport | — |
| Kerala | Kochi | Cochin International Airport | — |
| Kerala | Thiruvananthapuram | Trivandrum International Airport | — |
| Tamil Nadu | Chennai | Chennai International Airport | — |
| Tamil Nadu | Madurai | Madurai Airport | — |
Fleet
By December 2017, Air Pegasus had arranged a lease for one ATR 72-500 aircraft and intended to obtain two additional ATRs from Vietnam Airlines during 2018 as part of its strategy to recommence operations.