Pakistan’s highest-valued startup Airlift has announced to shut down its operation across the country.
The Lahore-headquartered startup stopped operations at a distance of three months. Earlier this month, Airlift had a clear path forward to close the funding round as the company pushed documents for signatures to all participating investors.
Airlift in a statement said, “Last week, amidst rapidly deteriorating conditions in the global economy, several participants shared uncertainty in wire schedules and their disbursements – this ultimately meant that the company’s capital requirements would not be met. Ultimately, the round was unsuccessful. With the clarity, a complete shutdown was inevitable.”
The company announced that it would pay two-month salary to its teammates covering July and August. “For suppliers, vendors and other third parties, our team will communicate proactively to manage arrears and liabilities as part of our ongoing shutdown process.”
Airlift operated a quick commerce service in eight Pakistani cities, including Lahore, Karachi and Islamabad. Users could order groceries, fresh produce and other essential items, including medicines, from the Airlift website or eponymous app and have it delivered to them in 30 minutes.
