Akasa Air’s Chief Commercial Officer and founding team member Praveen Iyer has reportedly stepped down.
Iyer joined Akasa at its launch in August 2022 and was part of the executive committee.
He brings over 20 years of experience, having held leadership roles in global operations across fast-paced, consumer-focused businesses.
Akasa Air Sees Cofounder Exit as Chief Commercial Officer Praveen Iyer Quits
Iyer joined the airline at its launch in August 2022 and was also part of its executive committee. As per Akasa’s website, Praveen has a career spanning over 20 years, with several leadership roles covering global operations in fast-paced, dynamic, consumer-focused businesses
Akasa Air
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Praveen Iyer, Chief Commercial Officer of Akasa Air and a member of the founding team of the Jhunjhunwala family-backed airline, has reportedly stepped down. His exit marks the second senior-level departure at the three-year-old carrier.
Iyer joined the airline at its launch in August 2022 and was also part of its executive committee. As per Akasa’s website, Praveen has a career spanning over 20 years, with several leadership roles covering global operations in fast-paced, dynamic, consumer-focused businesses.
The company has now named Chief Information Officer Anand Srinivasan as the new head of commercial operations, according to the Economic Times (ET).
His departure comes after another co-founder, Neelu Khatri, who led its international business, quit the company last year. As per data from Tracxn, Iyer holds a 0.3% stake in the company.
Iyer’s exit comes as Akasa resumes expansion after a slowdown caused by delays in aircraft deliveries from Boeing. The airline has added three aircraft so far this year and plans to induct around 12 more. It currently holds roughly 5% of India’s domestic aviation market.
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An email sent to the company regarding the development remained unanswered.
The airline is backed by the family of late investor Rakesh Jhunjhunwala and raised fresh capital in August 2025 from the family offices of Wipro founder Azim Premji and Ranjan Pai. The founders collectively hold 11.1% in the company, including Vinay Dube with 10.3%. Different investment funds together own 24%, having cumulatively invested ₹870.3 crore, with Premji Invest (8.4%), 360 One (6.5%), Claypond Capital (1.9%), Volrado Venture Partners (1.5%), Dovetail Investment Management (1.5%), Ashra Family Trust (0.2%) and PAR Capital Management (4.1%) among key backers.
Enterprise investor Minosha holds 2.4% with ₹100 crore invested. Angel investors account for the largest share at 45.3%, with cumulative investment of ₹644.6 crore and realised returns of ₹20.3 crore, while other individuals hold 9.7% and the ESOP pool accounts for 7.6%.
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For FY25, the company reported revenue of ₹4,635.68 crore, up from ₹3,144.38 crore in FY24, while net loss widened to ₹1,983.47 crore from ₹1,670.13 crore. EBITDA margin improved to -22% in FY25 from -29% in FY24.