Flypop has announced a significant investment from the UK Government’s Future Fund.
Flypop, an international long-haul low-cost airline, plans to launch in 2021 with scheduled flights to India.
Nino Singh Judge, Founder and CEO of flypop commented: “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.”
flypop, which is currently completing its final funding round, will begin negotiating low-cost airport deals in the UK and India and continue discussions with aircraft manufacturers to secure the best deals.
The carrier says the UK economy is expected to benefit significantly from closer travel links with India when flypop starts flying, with the airline offering employment opportunities that include flight and cabin crew positions among others.
The Government’s Future Fund supports innovative businesses in the UK 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.
According to flypop, 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.