Airlift, Pakistan’s most valuable startup, is closing, two people familiar with the matter told TechCrunch, due to its inability to raise new capital.
The startup told employees Tuesday night that it would be shutting down on Wednesday, according to sources and a slide obtained by TechCrunch. The startup was trying to raise a new round last week, but “a lot” of investors told the firm that the transfer of money would take at least two months, ”the slide says.
“Other investors are unwilling to take the risk of being ahead of others,” the slide says.
Airlift provided fast trade services in eight Pakistani cities including Lahore, Karachi and Islamabad. Users can order groceries, fresh food and other essentials including medicines and sporting goods on the Airlift website or app and they will be delivered to them within 30 minutes. Startup raised $85 million in Series B funding in August., which valued Airlift at $275 million. This round was led by Harry Stebbings of 20VC and Josh Buckley of Buckley Ventures.
Airlift founder Usman Gul did not immediately respond to a request for comment.
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Credit: techcrunch.com /