According to the source who has knowledge of the situation, Pakistan’s top startup, Airlift, is closing due to its failure to secure new funding.
The sources and presentations shown to them claim that the business informed staff on Tuesday night that it would be closing on Wednesday.
According to one of the presentations that TechCrunch was able to receive, the startup was trying to put together a fresh round as recently as last week, but “several” investors informed the company that it would take them at least two months to wire the money.
The slide stated that there were other investors “unwilling to take the risk of wiring ahead of others.”
In eight Pakistani cities, including Lahore, Karachi, and Islamabad, Airlift ran a fast commerce service. Customers may use the Airlift website or app to get groceries, fresh fruit, other necessities like prescriptions, as well as sporting products, and have everything delivered in 30 minutes.
The business, which had the highest valuation of any Pakistani startup at $275 million, received $85 million in the biggest Series B fundraising round in the nation in August. That round was headed by Josh Buckley of Buckley Ventures and Harry Stebbings of 20VC.