Connect with us

Hi, what are you looking for?

Online Business Success

Eyeing international expansion, Pakistani startup Airlift secures $85m financing

Airlift logo
  • Pakistani startup Airlift raises $85 million Series B financing.
  • Plans to expand operations to 15 Pakistani cities and eventually internationally.
  • “Our team closed $85m in Series B financing to scale our delivery platform across continents,” says CEO Usman Gul.

LAHORE: In a major development, Pakistani startup Airlift has secured $85 million Series B financing with an aim to expand internationally, the firm said in a press statement.

A pioneer in the recent wave of technology businesses, Airlift Technologies was started in Pakistan by local entrepreneurs for local populations in the recent wave of technology businesses.

According to a Techcrunch report, Airlift operates a quick commerce service in eight cities including Lahore, Karachi, and Islamabad in Pakistan. Users can order groceries, fresh produce, other essential items including medicines as well as sports goods from the Airlift website or app and have the items delivered to them in 30 minutes.

“Today, Airlift is announcing an $85 Million Series B financing led by some of the most iconic investors on the globe. Airlift’s $85m Series B financing marks the largest in the MENA region, co-led by Josh Buckley (Buckley Ventures) and Harry Stebbings (20VC),” the statement said.

Other major participants included Sam Altman (ex-President YCombinator), Biz Stone (Co-founder at Twitter/Medium), Jeffrey Katzenberg (ex-CEO, Disney), Taavet Hinrikus (Founder/CEO at TransferWise), and Seve Pagliuca (Co-Chairman, Bain Capital).

The financing is about twice the size of the largest private company IPO in Pakistan’s history and the highest in the Middle East and North Africa (MENA) region.

The firm said that the development would bring world-class investors to invest in Pakistan and would garner confidence that great technology and consumer products can be built in Pakistan.

“Airlift Express alone with its series B funding of $85 Million has added 5% to Pakistan’s FDI for the Fiscal year 2021. This financing round lays the foundations of a new dawn in Pakistan where technology startups alone can contribute to more than 10% of FDI in the upcoming years,” it added.

Advertisement. Scroll to continue reading.

Speaking on the occasion, Usman Gul, Co-Founder and CEO of Airlift said that a year ago, Airlift halted operations on the transit service and diversified into last-mile grocery delivery.

“Today, our team closed $85m in Series B financing to scale our delivery platform across continents. With this financing, we as Pakistanis must return to where we started from — fighting against the odds and staying true to our core values of hustle, teamwork, resourcefulness, and bias to action. If this is the journey of a thousand miles, we have taken only the first step.”

Meanwhile, Bloomberg has reported that the fund raised by Airlift is equal to the entire amount raised by Pakistani startups in the first half of the year. “It also eclipses the largest initial public offering by the nation’s private sector,” the report adds.

It added that the company now plans to expand its operations to 15 Pakistani cities by Dec 2021 and also increasing its core workforce to 400 by the end of next year.

Source link

Click to comment

Leave a Reply



Top Stories

As 2021 draws to a close, the premier lineup in the DeFi landscape largely consists of synthetic asset platforms (SAPs). An SAP is any...


In context: The past week has kept IT organizations scrambling to respond to the Log4j vulnerability impacting systems around the world. As security experts...

Top Stories

What does mass adoption mean for the blockchain industry? Has it started yet? If not, what could get it going? Source link

Loan And Finance

MetLife makes diversity inclusion index 13 December 2021 MetLife Australia has been recognised for its diversity and inclusion workplace practices, joining a club of...

Top Stories

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers...

Online Business Success

Friends can help. unsplash-LinkedIn Sales Solutions Heather Cherry— Significant changes or epic moments don’t happen overnight. And in most cases, those breakthroughs are not...

Top Stories

Bitcoin (BTC) prepared a showdown with a key moving average (MA) price trend on Dec. 19 with time running out for a strong 2021...

Top Stories

The state of banking and finance today presents a complex labyrinth that even seasoned bankers struggle to navigate. Despite appearances, there is a method...


You May Also Like

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...


In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...