Home > Pakistan News


AIRLIFT SHUTS DOWN OPERATIONS IN PAKISTAN DUE TO FUNDING ISSUES

13 Jul 2022 By Know Muslim


Airlift — one of Pakistan’s top startups — announced on Tuesday it is shutting down permanently, according to the online publication report Deal Street Asia.

The Lahore-based instant-delivery startup will permanently shut down from July 13.

“While the global recession and recent downturn in capital markets have affected economic activity across the board, it has had a devastating impact on Airlift and rendered its shut-down inevitable,” the company said in a statement.

The firm had already shut down its operations in second-tier cities like Faisalabad, Gujranwala, Sialkot, Hyderabad and Peshawar a couple of months back.

The company last year was flying high and had raised $85 million in a Series B funding round, the highest single round of investment raised by any startup in Pakistan.

Airlift was launched in 2019 as a mass transit service that operated an Uber-like service for buses in Pakistan. As the Covid-19 pandemic hit the country, Airlift scrapped its transit service and quickly pivoted to grocery delivery.

It must be recalled that app-based bus service Swvl also suspended its services in Karachi, Lahore Islamabad and Faisalabad last month because of the “global economic downturn”.

About Know Muslim

Information regarding Muslim World and Pakistan.

0 Comments