Airlift, a Pakistan-based quick commerce startup, has shuttered operations after a failed fundraiser cut short its runway. The startup made the announcement in a LinkedIn post.
The fundraiser was supposed to be Airlift’s series C1 round, but investors were unable to commit to disbursements due to “rapidly deteriorating conditions in the global economy.” As a result, the Lahore-headquartered startup’s capital requirements were not met.
The shutdown comes after Airlift recently restructured its operations – reducing headcount, ending operations beyond key markets, and increasing prices and delivery fees – in response to the economic downturn.
Airlift said that the reshuffle allowed it to achieve order-level profitability at US$0.28 per order in June compared to a loss per order of US$0.64 six months prior.
The company said that as of July, it was about three months away from operating profitability, and about six to nine months from company-level profitability.
Founded in 2019, Airlift has raised nearly US$110 million in total so far. As part of the closure, the startup said that it will provide employees with salaries for July and August. It will also set up a platform for job placement and a support system for employees who wish to start new ventures.
See also: Behind Sorabel’s shutdown: could it have been avoided?
Read Full Story: https://www.techinasia.com/pakistans-airlift-winds-failed-fundraiser
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
