Akasa Air wants to use the fund to make pre-delivery payments for its order of 72 Boeing 737 Max jets, for which 19 have already been delivered. The airline has reached a $650m valuation and may include existing investor, US-based hedge fund PAR Capital Management. The stake of the Jhunjhunwala family, which holds a 46% share in the airline through a trust, could be diluted due to the fundraising.