How Pieter Elbers is making IndiGo a global aviation giant

India is in a hurry and so is IndiGo, chuckles Pieter Elbers, Chief Executive Officer of India’s biggest airline, as he outlines the company’s trajectory for 2030. The Netherlands-born Elbers, who will complete three years at IndiGo this August, points at some numbers-orders for 950 aircraft, 113 million customers ferried to 126 destinations in 2024-as he talks about the airline’s growth story.

The winner of the Glocal CEO Award in BT-PwC’s Best CEOs 2025 list, 54-year-old Elbers is clear that the next goal is to make IndiGo a global aviation giant in the next six years.

“I would say it is very much in hand with the growth of India. If India becomes the third-largest economy in the world by 2027, it deserves airlines matching the size, scale, and opportunity. IndiGo is determined to be the airline reflecting that growth,” Elbers tells BT, sporting an IndiGo coat pin on his royal blue Nehru Jacket.

IndiGo’s increasing clout is evident from the fact that it will host the 81st International Air Transport Association’s (IATA) Annual General Meeting in New Delhi from June 8 to 10. The meeting is being held in the country after 40 years, says Elbers, adding that it is time to highlight the growth of Indian aviation.

It has been a phenomenal journey for IndiGo, which turned 18 last year. The company has been reporting growth for last seven quarters, except the second quarter of FY25, despite facing supply chain challenges, grounded aircraft, depreciation of the rupee, and delay in aircraft deliveries. The airline has also emerged from a trying period; it saw losses for five consecutive financial years, before turning in a profit in FY24.

IndiGo has managed this turnaround at a time when the Indian aviation industry has seen many airlines go off the radar due to losses.

The Strategy

Elbers says Indian aviation is scripting a new growth story as more people aspire to fly. The airline shunned its low-cost domestic carrier tag and forayed into the business segment in November 2024 with IndiGo Stretch and a loyalty programme. The response from customers has been overwhelming, says Elbers. Initially launched on the Delhi-Mumbai route, it will be rolled out on other high demand metro sectors through this year.

Domestic will remain the mainstay with the ‘India by IndiGo’ tag line, but international will contribute more to growth going ahead. “Domestic is the foundation. We operate to 91 domestic destinations and about 87% of the Indian population lives within 100 km of an IndiGo-served airport. But when we look at the number of routes, we still have a huge opportunity to build the domestic network, which is largely underserved,” he says.

Internationalisation is part of the airline’s plan to cash in on the massive growth potential outside the country. About 30% of the flying capacity as measured by the available seats per km is in the international market. This will increase as it is set to get four wide-body Boeing 787-9 aircraft on firm damp leases, where the airline will lease aircraft and some crew members for long-haul routes. One aircraft is already in service on the Delhi to Bangkok route and three others that will arrive in the second half of the year are likely to be pressed into service on European routes.
 

Analysts remain optimistic on IndiGo’s growth trajectory on the back of strong capacity addition and growth potential of the industry in India.

“We continue to maintain a positive view on IndiGo, given the robust outlook for the sector, its market leadership position (62%), and ability to leverage its extensive network, cost-efficient fleet, and healthy cash position,” says Anil R, Senior Research Analyst at brokerage Geojit Financial. He adds that a strong domestic network and expanding international operations will drive growth.

Motilal Oswal Financial Services highlights IndiGo’s international plans as a positive. “The management has also taken several pre-emptive measures to increase its global brand awareness as it expects to capture a bigger share of growth in the international market over the coming years,” it said.

Elbers, who was the CEO of Dutch carrier KLM before joining IndiGo, says people abroad were often unaware of IndiGo when he joined. “Recently, I was talking to someone, and he told me he was in Finland and saw IndiGo on the signs at the airport. That is exactly what we need because there is going to be a time when IndiGo will fly directly to Helsinki. Also, we want to bring international travellers to India,” smiles Elbers.

Competition

The Indian aviation sector has gone through a period of consolidation in recent years, with the two biggest players-IndiGo and Air India-now accounting for more than 90% market share. The competition between them is heating up as both have placed huge orders for new aircraft.

Elbers says most big markets-the US, Europe, and China-have five-six big airlines, and the Indian aviation landscape is going through a phase that’s similar to what happened in other regions. "If India wants to compete with airlines from across the world, we should have airlines of size. Airlines are disappearing, consolidation is taking place, and at the end of the day, we get airlines of a certain size and scale," he says.

Elbers welcomes the competition with Air India as it keeps both on their toes. "And there’s going to be a couple of other airlines trying to get their share of the pie, and that’s completely fine," he adds.

For the CEO, who has been to 37 of the 91 domestic destinations IndiGo flies to, India has been a great learning experience with a diversity of people and culture. He finds the optimism of the country contagious.

Industry insiders have noted Elbers’ enthusiasm for all things Indian, including the fact that he never misses an opportunity to participate in local festivals. Taking the holy dip at the Maha Kumbh in Prayagraj, enjoying Holi at Mathura-Vrindavan, dancing to famous Bhangra numbers and enjoying local cuisines-his social media timeline is loaded with pictures from several cities.

Elbers has also picked up some key Hindi words, the first of which was ‘Jugaad’, loosely translated as frugal innovation. But he says with a grin, it’s ‘Jaldi, Jaldi’, or quickly, that describes IndiGo’s journey best. 

@richajourno