Jet Freight Logistics is a freight forwarder that started in 1986 as a small air-cargo shop for Indian farmers and has spent nearly four decades building into a technology-driven, full-stack logistics partner that now moves anything, anywhere, by air, sea, road or rail. The company was founded by Mr. Francis Theknath in Mumbai as a proprietorship called Jet Airfreight, incorporated in 2006, and listed on the NSE Emerge platform in 2016 before migrating to the Main Board of NSE and BSE in 2021. The recurring approach that explains everything else is an asset-light model built on preferred access to airline and shipping capacity, a 5,000-plus agency network reaching over 150 countries, and a steady expansion from its perishable-cargo roots into ocean freight, surface transport, courier services, and now its own cargo airline - each new leg added without owning the ships, planes or trucks itself.
Business segments
A single integrated logistics engine that earns fees per shipment by buying space on planes, ships, trucks and trains and selling it as managed, door-to-door cargo movement - with a growing fleet of owned aircraft on the horizon.
1. Integrated freight forwarding: a travel agent for cargo, with a perishables edge
The company makes its money by buying cargo space in bulk from airlines and shipping lines at negotiated rates, then selling it to businesses that need to move goods across borders - handling every document, customs check and temperature requirement along the way.
- Perishables are the anchor - over half the cargo it moved in FY24 was agricultural and perishable goods, a niche where 24/7 temperature control and speed decide whether a shipment arrives fresh or worthless, and where the company has been named the No. 1 agent for international perishable cargo by Air India.
- Preferred access to airline capacity - it holds Tier-1 status and Blocked Space Agreements with carriers including Emirates, Qatar Airways and Air India, which means its cargo gets on the plane when competitors are waitlisted, and it can lock in space for future months at better rates.
- One shipment, one fee, many modes - revenue is earned per consignment, priced by volume, weight, route and service type such as time-sensitive or temperature-controlled, with the company stitching together air, ocean, rail and road legs into a single door-to-door service.
- Customs clearance is built in - as a licensed Customs House Agent, it handles import and export documentation and compliance in-house across multiple Tier-1 locations, so clients do not need a separate broker.
- An asset-light model with a working-capital wrinkle - it buys capacity from airlines and shipping lines as its key input rather than owning the assets, but it gives customers credit while most airlines require payment within 30 days, so it uses invoice discounting and factoring to bridge the gap.
2. The emerging cargo airline: from space-buyer to space-owner
The company is becoming the first Indian cargo airline to operate widebody Airbus A330 freighters, shifting from buying capacity on other carriers to flying its own.
- Official partner for a converted freighter programme - in April 2025, Jet Freight became the official partner under a multi-aircraft order with Elbe Flugzeugwerke (a joint venture between ST Engineering and Airbus), Seclink Group and Confity Capital Partners for Airbus A330 Passenger-to-Freighter conversions.
- Bigger planes, more cargo per flight - the A330-300P2F can carry a gross payload of up to 62 tonnes with containerised volume of up to 18,581 cubic feet, offering up to 23% more cargo space than other freighters in its class, while the A330-200P2F can carry up to 60 tonnes over 7,700 kilometres.
- Full charter capability already in place - the company already offers dedicated full charter operations, an advanced capability that few forwarders in India have, and it received initial approval from the Ministry of Civil Aviation to operate scheduled cargo air transport services.
3. Ocean, surface and rail forwarding: the multimodal backbone
Beyond air, the company moves cargo by sea, truck and train - ocean freight has grown more than 300% in a single year, and a domestic subsidiary handles last-mile delivery on electric two-wheelers.
- Ocean freight is the fastest-growing leg - started only in 2019, sea freight volumes jumped from 1,639 TEUs in FY22 to 6,350 TEUs in FY23 and 6,803 TEUs in FY24, with shipping-line partners that include Maersk, CMA CGM, Hapag-Lloyd and MSC.
- Surface transport through a dedicated subsidiary - Jet Freight Express Private Limited (JETXPS) runs a fleet of trucks, trailers and delivery vehicles for B2B services, and began last-mile delivery using electric two-wheelers under exclusive contracts with e-commerce companies in Mumbai and Pune.
- Rail fills the cross-border gap - the company offers global rail network services handling bulk cargo, temperature-controlled shipments, ISO containers and consumer goods, with cross-border capabilities.
4. Courier and e-commerce services: the small-package play
A courier division launched in 2022 chases the e-commerce market with express, same-day and next-day delivery - and the company has now secured shareholder approval to trade goods on e-commerce platforms itself.
- Express delivery for everything from documents to relocation - the courier arm, operated through subsidiary Jet Express, covers international and domestic courier, overnight delivery, student baggage, gifts and samples, FMCG and corporate products.
- A licence to sell, not just ship - in FY25, the board approved an amendment to the company's charter allowing it to buy, sell, import and export all types of goods through e-commerce platforms, websites and mobile applications, and to provide related fulfillment, warehousing and digital payment services, subject to shareholder approval at the ensuing AGM.
Group structure and partners
A family-led, publicly listed Indian company with wholly-owned subsidiaries in the Netherlands, the US and the UAE, and a domestic subsidiary handling last-mile delivery - all feeding the same freight-forwarding engine.
- The company is listed on NSE and BSE, led by Chairman and Managing Director Mr. Richard Francis Theknath (28-plus years in logistics) and his son, Executive Director Mr. Dax Francis Theknath, who holds a commercial pilot licence from the FAA.
- The domestic subsidiary Jet Freight Express Private Limited (Jet XPS) provides inter-city logistics, micro-fulfillment and last-mile delivery across more than 13 regional locations in India.
- A 51% stake in Vank Global Services Private Limited, acquired in 2023, adds vertical integration into the import and export of fresh fruits, vegetables and farm products.