Cyril Amarchand Mangaldas, acting as Indian counsel, advised Direct Selling Acquisition Corporation “DSAQ” a special purpose acquisition company listed on the New York Stock Exchange (‘NYSE’) in facilitating its definitive business combination agreement with FlyBlade (India) Private Limited (‘Hunch Mobility’), a leading provider of urban air mobility in India, and certain other parties.
The newly combined company is expected to have an estimated post-transaction enterprise value of $223 million, assuming no redemptions by DSAQ’s public stockholders. Upon the closing of the transaction, the combined company is expected to be called Hunch Technologies Limited, and its common shares are expected to be listed on the NYSE under the symbol “HNCH.” This transaction is expected to close in 2024, subject to regulatory and stockholder approvals.
The General Corporate, Tax, and Competition teams of Cyril Amarchand Mangaldas advised on the transaction. Transaction team was led by Akshay Bhargav, Partner; with support from Arvind Velu, Senior Associate; Anamika Ballewar, Associate; Sayyad Saqib Ali, Associate; Pranav Sharma, Associate; and Kushal Tekriwal, Associate.
Intellectual property information technology and data privacy related diligence was led by Arun Prabhu, Partner (Head – TMT); with support from Arpita Sengupta, Senior Associate; and Anoushka Soni, Associate.
SR Patnaik, Partner & Head Taxation; with support from Reema Arya, Consultant; and Rashi Gupta, Associate; advised on tax related aspects of the transaction.
Anandita Kaushik, Partner; Mudit Shah, Partner; with support from Radhika Shukla, Associate; and Preet Choksi, Associate advised on aviation law related aspects of the transaction.
Avaantika Kakkar, Partner & Head Competition Law; advised on competition law related aspects of the transaction.
The transaction was signed on 17th January 2024.
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About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government, and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors, and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
