UK Government Future Fund underpins launch of flypop
Significant investment has been accessed from the UK Government Future Fund by flypop, set to be the UKs only international long-haul low-cost airline when it launches in 2021 with scheduled flights to India.
Image courtesy flypop
It will cater not only to the UK’s Indian/South Asian diaspora (and their visiting friends and relatives) but will also serve those keen to explore the Indian sub-continent and region.
“The funding from the UK Government’s Future Fund will play a key role in putting flypop in a position to start flights, initially between the UK and India, something which will contribute significantly to the economic growth and closer cultural links between these two Commonwealth partners and eventually with all of South Asia,” said Nino Singh Judge, Founder and CEO of flypop.
The new airline is now completing its final funding round and will begin negotiating low cost airport deals in both the UK and India. In addition, it will continue discussions with aircraft manufacturers to secure the best deals which will enable the company to offer the lowest possible fares to the public.
The UK economy is expected to benefit significantly from closer travel links with India when flypop starts flying. Flypop will offer employment opportunities to flight and cabin crew (amongst others) at a time when the airline industry has been suffering the biggest challenge in its history and thousands have lost their jobs.
The UK Government Future Fund
The Government’s Future Fund supports the UK’s innovative businesses currently affected by Covid-19. These businesses have been unable to access other government business support programmes, such as CBILS, because they are either pre-revenue or pre-profit and typically rely on equity investment.
Initially, £250 million was made available by the government for investment through the scheme, to be matched by private investors, with the Treasury making clear the amount could be increased if needed. Due to the popularity of the Fund, more funding is being made available. Developed by the government and delivered by the British Business Bank, the Government’s Future Fund launched for applications in May and will initially be open until the end of November.
Flypop's legal adviser for its successful UK Government Future Fund application was City law firm, McCarthy Denning.