Akasa Air co-founder Neelu Khatri exits weeks after ₹1,200 cr funding round

New Delhi: One of the nine co-founders of Akasa Air has left the privately-owned airline, marking the first high-profile departure at the carrier, which began flying in 2022. The airline announced on Thursday the resignation of its senior vice president of International Operations, Neelu Khatri, as per an official company statement.

The company, in a statement, said Khatri decided to pursue a new professional direction.

Privately-held Akasa Air has not yet announced a replacement for her.

The move marks the first high-profile departure from the founding team of India’s youngest major carrier, launched in 2022 amid the post-pandemic aviation rebound.

Incidentally, the exit comes weeks after the airline secured fresh funding from Bengaluru’s billionaire circles.

Khatri holds less than 1% in SNV Aviation Pvt. Ltd, the holding company of Akasa Air. As per last filings with the corporate affairs ministry, dated 31 March 2024, she held 244,508 out of 11,32,55,002 equity shares of face value ₹10.00 each.

The exit comes hot on the heels of Akasa’s August 2025 fundraising triumph; a ₹1,200 crore ($143 million) injection led by Premji Invest (Azim Premji’s family office) and Claypond Capital (healthcare billionaire Ranjan Pai’s vehicle), alongside 360 ONE Asset Management and additional Jhunjhunwala commitments.

Premji’s tech-savvy investments and Pai’s operational expertise in scaling businesses are seen providing tailwinds to Akasa’s fleet expansion to 226 aircraft by 2032 and international forays into Southeast Asia.

The high-profile exit of Khatri underscores the operational and structural adjustments Akasa Air is undergoing as it matures.

Details on what happens to Khatri’s equity stake remain undisclosed.

Industry estimates suggest that co-founders like her collectively hold minority portions, which are further diluted by recent infusions; however, exact figures are not available.

“Akasa Air confirms that Neelu Khatri, Co-Founder and Senior Vice President - International, has decided to move on from the company to pursue a new direction in her professional journey,” the official statement said.

Journey so far

Mumbai-based Akasa Air, officially SNV Aviation Pvt. Ltd was co-founded by nine aviation veterans— CEO Vinay Dube, former president of IndiGo Aditya Ghosh, chief operating officer Belson Coutinho, chief commercial officer Praveen Iyer, chief financial officer Ankur Goel, and operations specialists like Khatri, Anand Srinivasan, Bhavin Joshi, and Praveen Iyer.

Backed initially by the late investor Rakesh Jhunjhunwala’s family with a 46% stake, Akasa recently overtook SpiceJet in terms of revenue.

In a filing with the corporate affairs ministry in July, the airline reported a nearly ₹1,400 crore revenue for April-June, overtaking SpiceJet as India’s third-largest carrier.

The official statement, attributed to a company spokesperson, praised Khatri’s foundational role: “An early believer in Akasa, Neelu has been integral in building on our vision and backing our early success. The company extends its sincere appreciation for her contributions and wishes her the very best in her future endeavours.”

Till the time of going to press, Khatri did not respond to Mint’s messages.

Business as usual

Launched in August 2022 as India’s newest private airline, Akasa Air has expanded to operate a fleet of 30 Boeing 737 MAX aircraft, serving 24 domestic destinations and six foreign countries.

Akasa, in its statement, decided to allay stakeholder fears and maintained that its existing international operations and expansion plans remain unchanged.

“...existing international operations and our exciting international expansion ambitions remain unchanged,” it said.

Backed by billionaire Rakesh Jhunjhunwala’s family and led by CEO Vinay Dube, the carrier reported a 49% year-on-year revenue surge to ₹4,636 crore (about $550 million) for FY25, though it continues to post losses of ₹1,983 crore amid heavy investments in growth.

Who is Khatri

Khatri, a former Indian Air Force Wing Commander with over 25 years of experience in aviation and aerospace, joined Akasa at its inception in 2020.

Before co-founding the airline, she held senior leadership positions, including president of Honeywell Aerospace India and roles in strategy and business development at global firms.

Her LinkedIn profile mentions previous roles as managing director, BluOrange Synergies; executive director - International Sales and BD, Pipavav Defence and Offshore Engineering Ltd; head Defence and Security Advisory Services, KPMG, and in the Indian Air Force.

Correction: An earlier version incorrectly mentioned Akasa Air’s fleet expansion as 200 aircraft by 2027, Aditya Ghosh's designation as chief commercial officer, and the number of domestic destinations it serves as 24.