Client Background and Initial Need
Million Air Pvt. Ltd., an ambitious aviation charter startup based in Bengaluru, was founded in 2022 with a bold vision: to make private air travel accessible to India’s growing class of business travelers and entrepreneurs. While the founders brought technical expertise and a strong aviation background to the table, they quickly found themselves overwhelmed by the legal complexities of financing, investment compliance, and regulatory approvals. With high capital needs, multiple private investors, and layered licensing challenges, Million Air required more than just general legal counsel — it needed a strategic legal partner that could navigate the financial and regulatory terrain. That’s when they turned to KMG Legal Firm, recognized for its sharp acumen in corporate finance, investment law, and aviation compliance.
Facing Financial and Legal Challenges
From the outset, Million Air’s biggest roadblocks were securing funding in a compliant manner and structuring investor agreements that would not dilute ownership or operational control. The startup had successfully raised seed funding from HNIs (High Net-Worth Individuals), but the legal documentation — including term sheets, shareholder agreements, and ESOP plans — was riddled with inconsistencies and legal loopholes. Additionally, the firm was facing delays in getting financial approvals and No-Objection Certificates (NOCs) from aviation authorities due to a lack of legal clarity in their business model and financial statements. Investors were growing hesitant, and time was running out.
KMG Legal’s Strategic Legal Intervention
KMG Legal assigned a multidisciplinary team led by Partner Rishabh Mehta, combining expertise in corporate finance, startup law, and aviation compliance. The firm began with a full legal audit of existing financial documentation, identifying and correcting issues that could expose Million Air to liability or discourage investors. KMG Legal redrafted all critical agreements — including shareholder and subscription agreements, investment term sheets, and vesting schedules — to ensure compliance with SEBI and RBI guidelines. Simultaneously, the firm coordinated with chartered accountants and aviation consultants to clean up the financial disclosures and align them with regulatory expectations.
To further support growth, KMG Legal Firm helped Million Air set up a holding company in Singapore to attract international investors and prepared cross-border investment contracts compliant with FEMA (Foreign Exchange Management Act) regulations.
Results That Took Flight
Within six months, Million Air had secured ₹30 crores in Series A funding with clear, enforceable, and investor-friendly legal contracts in place. Regulatory bodies granted the pending financial NOCs, and the company officially launched its first commercial air charter in early 2024.
“KMG Legal Firm wasn’t just a law firm for us — they were our financial co-pilot,” said Arjun Sinha, CEO of Million Air. “Their legal precision and business-savvy advice helped us close funding rounds faster and fly smoother.”
Million Air has since expanded operations to five major Indian cities and is in talks with global venture capital firms, all backed by the legal foundation KMG helped build.
