Akasa Air co-founder Neelu Khatri exits weeks after ₹1,200 cr funding round
New Delhi: One of Akasa Air’s nine co-founders has left the private airline, the first high-profile departure for the carrier that starts flying in 2022. The airline on Thursday announced the resignation of Neelu Khatri, senior vice president of International Operations, according to the company’s official statement.
The company said in a statement that Khatri has decided to pursue a new professional direction.
Akasa Air, a private company, has not yet announced his replacement.
The move marks the first high-profile departure from the founding team of India’s youngest major carrier, which was launched in 2022 amid a post-pandemic aviation recovery.
Meanwhile, the exit comes weeks after the airline raised fresh funding from Bengaluru’s billionaire circles.
Khatri holds less than 1% stake in SNV Aviation Pvt. Akasa Air’s holding company Ltd. According to the latest filings filed with the ministry of corporate affairs dated March 31, 2024, it held 244,508 shares out of 11,32,55,002 shares of nominal value ₹10.00 each.
The launch comes hot on the heels of Akasa’s fundraising victory in August 2025; 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), along with 360 ONE Asset Management and additional Jhunjhunwala commitments. Premji’s tech-savvy investments and Pai’s operational expertise in scaling businesses are seen providing a tailwind to Akasa’s fleet expansion to 200 aircraft by 2027 and international forays into Southeast Asia.
Khatri’s high-profile exit underscores the operational and structural adjustments Akasa Air is undergoing as it matures.
Details of what will happen to Khatri’s shares have not been disclosed.
Industry estimates suggest that co-founders like him collectively hold minority stakes, which have been further diluted by recent contributions; but exact figures are not available.
“Akasa Air confirms that Neelu Khatri, International Co-Founder and Senior Vice President, has decided to leave 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, including CEO Vinay Dube, chief commercial officer Aditya Ghosh, chief operating officer Belson Coutinho, chief financial officer Ankur Goel and operations experts such as Khatri, Anand Srinivasan, Bhavin Joshi and Praveen Iyer.
Akasa, initially backed by late investor Rakesh Jhunjhunwala’s family with a 46% stake, recently overtook SpiceJet in terms of revenue.
In a dossier submitted to the ministry of corporate affairs in July, the airline said almost ₹It surpassed SpiceJet, India’s third largest airline, with a revenue of ₹ 1,400 crore in the April-June period.
An official statement attributed to a company spokesperson praised Khatri’s pivotal role: “An early believer in Akasa, Neelu played a key role in developing our vision and supporting our early success. The company expresses its sincere appreciation for her contributions and wishes her the best in her future endeavors.”
Khatri did not respond by the time of going to press Mint‘s messages.
business as usual
Launched in August 2022 as India’s newest private airline, Akasa Air has expanded to operate its fleet of Boeing 737 MAX aircraft, serving more than 25 domestic destinations and expanding to international routes, including Doha and Riyadh.
In its statement, Akasa decided to allay the fears of stakeholders and argued that its current international operations and expansion plans have not changed.
“…our current international operations and exciting international expansion ambitions remain unchanged,” he said.
The carrier, backed by billionaire Rakesh Jhunjhunwala’s family and led by CEO Vinay Dube, reported 49% year-on-year revenue growth. ₹4,636 crore (about $550 million) for FY25, but losses continue ₹1,983 crore amid heavy investment in growth.
Who is Khatri?
Khatri, a former Indian Air Force Wing Commander with over 25 years of experience in aerospace, joined Akasa in 2020.
Before founding the airline, he held senior leadership positions, including chairman of Honeywell Aerospace India and strategy and business development roles at global firms.
His LinkedIn profile mentions his previous roles as general manager of BluOrange Synergies; general manager – International Sales and BD, Pipavav Defense and Offshore Engineering Ltd; Head of Defense and Security Advisory Services, KPMG and Indian Air Force.
