How a Startup Folded Just a Year After Raising $85 Million - Bloomberg

In early July, things looked rosy at Airlift Technologies Pvt. as it prepared to raise more cash for expansion. Six days later, the startup -- one of Pakistan’s most prominent -- was bust.
The e-commerce company collapsed less than a week after failing to complete a funding round, underscoring how severely the global rout in tech valuations is affecting fragile startups in emerging markets. Airlift had raised $85 million a year earlier -- a record for the country -- and had curbed spending in a bid to appeal to investors as it worked toward a fresh round. But then the lead backer pulled its commitment, leaving Airlift with no capital to continue and forcing it to abruptly shut down.

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.