This story is part of Forbes’ coverage of India’s Richest 2022. See the full list here.

Rahul Bhatia, cofounder of IndiGo, India’s largest airline (by market share), saw the fortune he shares with his father, Kapil Bhatia, fall to $4.9 billion as losses widened at the no-frills carrier. Rahul became managing director of the airline in February after cofounder Rakesh Gangwal quit the board of parent InterGlobe Aviation, and announced plans to gradually sell his IndiGo stake over five years.

This brought to an end a three-year public feud between the former partners. In 2019, Gangwal alleged corporate governance lapses at InterGlobe Aviation, which the company denied. It settled the case with India’s market regulator in February. Up ahead are Bhatia’s expansion plans as air travel—both domestic and international—recovers from the impact of Covid-19.

As of July, IndiGo captured nearly 60% of the domestic passenger market, with its average passenger load a healthy 85%, according to India’s aviation agency—gaining ground on pre-pandemic levels. The Gurgaon-based company reported a 77% rise in revenue to 259.3 billion rupees ($3.2 billion) in the year ended March 2022. Still, its net loss grew to 61.6 billion rupees, in part due to soaring fuel costs.

IndiGo could encounter more turbulence. It faces increased competition at home as Akasa Air—a new airline owned by late billionaire investor Rakesh Jhunjhunwala—took to the skies in August. Also on its heels is the Tata Group, which became the new owners of Air India in January after the government privatized the debt-ridden airline. Besides bolstering IndiGo’s presence in India, Bhatia said at the time of his appointment, the airline is looking overseas for growth as it adds long-haul aircraft to its fleet.