JetSetGo Signs LOI With Horizon Aircraft To Buy Up To $500 Million Of Cavorite X7 Aircraft

By Noah Long ● Jan 22, 2024

Horizon Aircraft – a leading hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft developer – recently announced that it has entered into a Letter of Intent (LOI) with JetSetGo, a regional air operator servicing multiple mission profiles.

This LOI enables JetSetGo to buy 50 Cavorite X7 Aircraft at a purchase price of up to $5 million per aircraft for a total aggregate consideration of $250 million, with an option to purchase an additional 50 aircraft for a total possible consideration of $500 million.

JetSetGo was launched in 2014 by the visionary duo Kanika Tekriwal and Sudheer Perla. And JetSetGo has been on a mission to revolutionize private air travel in India. Based in New Delhi, JetSetGo was conceived by a commitment to tackle the significant challenges within the private aviation sector.

KEY QUOTES:

“We are truly honoured by this commitment from JetSetGo, a leading private aviation operator with a shared vision of a more sustainable and efficient on-demand regional travel. We are confident that our Cavorite X7 eVTOL will operate sustainably and profitably across India as well as many other global locations. As a hybrid electric aircraft, there is no need to install expensive charging support equipment across the travel network; it is a machine designed for challenging, real-world operations.”

— Brandon Robinson, Chief Executive Officer of Horizon

“Our decision to enter into this Agreement with Horizon Aircraft was not taken lightly. We ultimately decided to partner with a company with a deep operational and aerospace technology background that will deliver a product that will help usher in a new era of sustainable air travel while also providing significant value for our customers. This partnership will help JetSetGo profitably enter new markets by leveraging the versatility of the Cavorite platform to bring about the vision of Advanced Air Mobility in India.”

— Kanika Tekriwal, JetSetGo’s CEO and co-founder