Wentz says Hunch Mobility is providing solution for serious problem in India
Hunch Mobility, a venture between FlyBlade (India) Private Limited and Direct Selling Acquisition (NYSE: DSAQ), is being formed for an urban air mobility (UAM) market which is anticipated to be worth of US$74 billion by 2035, expanding at a CAGR of approximately 25% between 2018 and 2025.
The company aspires to lead the transition to electric vertical take-off and landing vehicles in the Indian subcontinent in the near future, benefiting from Civil Aviation Ministry’s initiatives to liberalize UAM and pave the roadmap for the introduction of electric vertical aircraft (EVAs).
Amit Dutta, Managing Director of Hunch Mobility, said on 18 Jan, “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 and a transition to EVAs in the near future.
“We expect this business combination to fully leverage the gains of our first-mover advantage and aggressively expand our footprint in the Indian subcontinent,” Dutta underscored.
Excited about the partnership, Dave Wentz, Chairman and Chief Executive Officer of DSAQ, elaborated, “Hunch Mobility 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 is an UAM platform dedicated to providing “by-the-seat” short distance air mobility services in India. The company has operated more than 1,626 flights with an approximately 43% repeat flying rate and has launched its services in Maharashtra and Karnataka.
A special purpose acquisition company, and certain other parties thereto, Hunch Technologies Limited, and its common shares are expected to be listed on the New York Stock Exchange under the symbol “HNCH.”
It is a ignificant opportunity for Disruptive Transportation Service in India where urban congestion costs are approximately US$22 billion per year.
Continuous congestion issues present a growing addressable and serviceable market, said promoters of Hunch Mobility which expects to tap into the country’s growing middle-class demographic.
Hunch Mobility believes there will be an addressable market of at least 20 million flyers in 2027 based on current ticket fares and demographic trends.
Countries around the world, including Germany and France, are working in collaboration with airline manufacturers such as Boeing and Airbus to invest heavily in the development and procurement of advanced EVA systems.
Differentiated, Asset-Light and Low-Capital Operations Model is being worked out for Hunch Mobility, leveraging the scalable technology platform of Blade Urban Air Mobility, Inc. (Blade US) through a licensing agreement and strategic partnerships with transportation service providers to provide efficient booking and concierge services to the Indian market.
The company’s captive strategic infrastructure and sophisticated technology platform are designed to be customized and deployed for Indian operations.
Hunch Mobility’s management team has over 100 combined years of experience across companies in the mobility, aviation and lifestyle verticals.
Hunch Mobility’s leadership believes that its early entry into the market provides a meaningful first-mover advantage while the barriers to entry remain high for potential competitors.
Robust Future Growth Plans: Hunch Mobility is seeking to generate revenue through a diverse set of complementary business segments, including a UAM platform for business, leisure, religious and air ambulance needs and a lifestyle concierge platform that includes a rewards and privileges platform designed to drive customer retention and monetization.
Strategic Partnerships in EVA Market Expected to Propel Growth: Hunch Mobility has signed a memorandum of understanding with Eve Air Mobility, Beta Technologies, Skyports and Jaunt Air Mobility to develop the Company’s EVA capabilities.
Hunch Mobility believes that these partnerships are poised to unlock growth opportunities in existing and new markets. Hunch Mobility expects the launch of EVAs with lower costs to drive market penetration to 5% of the addressable market of 50 million flyers. Fiinews.com
