Hunch Mobility merges with Direct Selling Acquisition Corp to create Hunch Technologies

Bengaluru based air-taxi service Hunch Mobility has entered into a business combination agreement with Direct Selling Acquisition Corp (DSAQ) to form a new combined company called Hunch Technologies Limited.

The new entity is expected to be listed on the New York Stock Exchange under the symbol 'HNCH'.

The deal values Hunch Mobility at approximately $223 million, with an implied pre-money market capitalisation of $150 million.

The transaction is expected to close in 2024, subject to regulatory and stockholder approvals. Following the completion of the transaction, Hunch Mobility's shareholders are expected to own approximately 52% of the combined company on a non-fully diluted basis.

"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," said Amit Dutta, Managing Director of Hunch Mobility.

Hunch Mobility, which was earlier doing business as BLADE, is an urban air mobility services company that offers 'by the seat' short-distance helicopter rides. It operates in Maharashtra and Karnataka and has completed 1,626 flights.

The company plans to add electric vertical aircraft to its operations. It has signed MOUs with prominent electric vertical aircraft manufacturers such as Eve Air Mobility, Beta Technologies, Skyports, and Jaunt Air Mobility to develop this capability.