Indian entrepreneur Ajay Singh acquired ModiLuft  in 2004 and re-christened  it as SpiceJet.   The airline operates a fleet of Boeing 737 and Bombardier Dash aircraft. It is a low-cost airline that has its headquarters located in Gurugram, India. It has a market share of 13.2% as of March 2017 making it the third largest airline in the country by number of domestic passengers carried. The airline operates over 300 daily flights to 45 Indian destinations from its hubs at Delhi, Kolkata and Hyderabad. 
 On May 18, 2005 SpiceJet opened bookings and operated their first flight on May 24, 2005 between Delhi and Mumbai. Indian media baron Kalanidhi Maran acquired 37.7% stake in SpiceJet in June 2010 through Sun Group. The airline ordered 30 Boeing 737-8 aircraft worth US$2.7 billion July 2010 and 15 Bombardier Q4 Dash short-haul aircraft worth US$446 million in December of the same year. In 2012, Kalanidhi Maran increased his stake in the airline by investing ₹1 billion (US$16 million) in the airline to make up for the losses. In January 2015, the Sun group sold its entire shareholding and transferred controls to Ajay Singh as when financial losses and unpaid dues led to cancellation of many domestic flights. Directorate General of Civil Aviation issued a warning to the airline over non-payment of salaries and dues and the carrier was put on cash-and-carry mode by airport operators, meaning the airline can use the airport facilities only upon prior payment of money.
In the year 2015, SpiceJet's operations experienced a significant turnaround with 93 percent of available seats on flights being filled and only 0.13 percent of scheduled flights canceled each month. Gradually it became the fourth largest airline in India in terms of passengers carried with a 12.8 percent market share. SpiceJet is also listed on the Bombay Stock Exchange. The present fleet consists of Boeing 737-700, Boeing 737-800, Boeing 737-900ER, Bombardier Dash 8 Q400. Recently, they also ordered a huge fleet of Boeing 737 MAX 8 and a few Boeing 787-8.
 SpiceJet has moved away from the typical low-cost carrier service model of economy class-only seating. The airline now offers premium services under the name SpiceMax, which enables the passengers, can obtain additional benefits including pre-assigned seats with extra legroom, complimentary meals on board, priority check-in & boarding and priority baggage handling (at a higher fare).