As of June 2024[update], it is the sixth largest airline in India by number of domestic passengers carried, with a market share of 4%[6] and connects 73 destinations, including 60 Indian and 13 international from its bases at Delhi and Hyderabad.

[7] Established as air taxi provider ModiLuft in 1994, the company was acquired by Indian entrepreneur Ajay Singh in 2004 and renamed to SpiceJet.

Indian media baron Kalanidhi Maran acquired a controlling stake in SpiceJet in June 2010 through Sun Group which was sold back to Ajay Singh in January 2015.

The origins of SpiceJet can be tracked back to March 1984 when the company was established by Indian industrialist S. K. Modi to provide private air taxi services.

[8] On 17 February 1993, the company was named as MG Express and entered into technical partnership with the German flag carrier Lufthansa.

[8] In 2004, the company was acquired by Ajay Singh and the airline planned to restart operations as SpiceJet following the low-cost model.

[11] Indian media baron Kalanidhi Maran acquired 37.7% stake in SpiceJet in June 2010 through Sun Group.

[15] On 9 January 2012, the Directorate General of Civil Aviation, reported that several airlines in India, including SpiceJet, have not maintained crucial data for the flight operations quality assurance.

[25] In May 2022, Directorate General of Civil Aviation started a safety investigation into the company's aircraft following a series of incidents involving malfunctioning plane equipment.

[28] As of June 2024[update], it is the sixth largest airline in India by number of domestic passengers carried, with a market share of 4%.

[6] On 12 September 2024, SpiceJet announced that its shareholders approved a fund raising initiative of ₹3,000 crore (US$350 million) through Qualified Institutional Placement (QIP) shares in order to pay pending dues amid financial challenges, legal battles and grounding of aircraft.

[29] The airline's downturn and requirement of funds was due to two consecutive events, Boeing 737 MAX groundings and the COVID-19 pandemic.

[48] The airline's logo consists of 15 dots arranged in three rows of five each in the order of their reducing sizes on a red background.

[57][58] After completing five years of flying, SpiceJet was allowed to commence international flights by Directorate General of Civil Aviation on 7 September 2010.

[75] In June 2017, the airline signed a letter of intent with Bombardier to purchase up to 50 Q400 aircraft for catering to growth in passenger traffic arising from its participation in the Indian government's UDAN regional connectivity scheme.

[77] In May 2020, when Jet Airways ceased operations, the airline placed orders for six additional Boeing 737-800 NG and five Bombardier Q400 to cover the shortage.

[32] As of September 2024, due to financial constraints and legal reasons, the airline operates 20 aircraft while the others remain grounded.

Spicejet also signed an agreement with US-based MRO company, StandardAero Inc. to support the ungrounding of the 737 MAX fleet, 3 of which are to be operationalised by April 2025.