Hunch Mobility Merges with DSAQ to Revolutionize Urban Air Travel in India

Wednesday, February 28, 2024

Hunch Mobility, previously known as FlyBlade (India) Private Limited and doing business as BLADE, a forefront urban air mobility provider in the Indian subcontinent, has finalized a merger agreement with Direct Selling Acquisition Corp. (DSAQ), a special purpose acquisition company, along with other involved parties. Following the merger’s completion, the merged entity will be named Hunch Technologies Limited, anticipating its common shares to be traded on the New York Stock Exchange under the ticker “HNCH.”

The merger values the combined entity at a pro forma enterprise value of $223 million, with a pre-money valuation of $150 million.

Hunch Mobility: Pioneering Urban Air Mobility

Hunch Mobility is committed to innovating urban air mobility in India, offering “by the seat” short distance flights. The company boasts over 1,626 flights, a 43% customer return rate, and operations in Maharashtra and Karnataka.

Operating under the BLADE India brand, Hunch Mobility’s short-distance air services aim to improve connectivity and set the stage for electric vertical aircraft (EVAs).

Amit Dutta, Managing Director of Hunch Mobility, said “India’s rapid economic growth is shackled by severe road congestion, a crippling bottleneck requiring innovative solutions. To address this opportunity, Hunch Mobility is pioneering a short-haul air mobility platform with helicopters today and a transition to EVAs in the near future. We expect that this business combination will enable us to fully leverage the gains of our first-mover advantage and aggressively expand our footprint in the Indian subcontinent.”

“We are excited to partner with Hunch Mobility on this business combination,” said Dave Wentz, Chairman and Chief Executive Officer of DSAQ. “Hunch is providing a solution for a serious problem in India, which is one of the most congested traffic markets in the world. The Company’s ability to provide consumers with the option of avoiding this congestion, at a reasonable price point, has the potential to move by-the-seat helicopter transportation out of the luxury category and into a ubiquitous part of everyday life. We believe that Hunch has the team in place to execute on this tremendous opportunity and we are pleased to play a role in bringing the Company to the public markets.”

Hunch Mobility plans to leverage India’s escalating urban congestion, which reportedly costs the country $22 billion annually. Through a unique, asset-light approach and collaborations with leading electric vertical aircraft manufacturers such as Eve Air Mobility, Beta Technologies, Skyports, and Jaunt Air Mobility, Hunch Mobility is committed to sustainable development and transforming India’s transportation landscape with its urban air mobility solutions.

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