Earlier, star-studded Bradman World XI failed to clinch a berth into the final of the tournament.
KSCA XI posted 117 for five in 17 overs in the rain-interrupted encounter at M Chinnaswamy stadium.
The victory target for the airmen was 121 in 17 overs as per 20-20 rules, and they successfully chased it with one over to spare losing four wickets.
Ojha hit five fours and two sixes in his 45-ball entertaining knock while Raina's 38 ball innings contained four fours.
Brief Scores: KSCA XI 117 for 5 in 17 overs (B Akhil 25 not out, Robin Uthappa 19, Barrington Rolland 16, Stuart Binny 14; R P Singh 2-31, S Sriram 1-11, Mandar Dalvi 1-11, Neeraj Patel 1-19) Vs Air India 121 for 4 in 16 overs (Ojha 62, Raina 37; C Raghavendra 3-20).