Start-up, UK long-haul, low-cost airline, flypop, which plans to launch in 2021 with scheduled flights to India, has announced a significant investment from the UK Government’s Future Fund. 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.
“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.
flypop, now completing its final funding round, states that it 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 aim of the Government’s Future Fund is to support the UK’s innovative businesses currently affected by COVID-19, which 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.
flypop thanks its legal adviser, McCarthy Denning, for its “instrumental” role in securing UK Government funds.