Airlift raises $85 million in largest round for Pakistani startups
Airlift has recently announced an $85 million Series B financing, which is backed by some of the renowned investors around the globe.
This is the largest private funding round in the history of Pakistan, according to the data revealed by Invest2Innovate.
$85 million Series B financing of the Airlift in Pakistan marks the largest in the Middle East/North Africa (MENA) region. It is followed by Josh Buckley (Buckley Ventures) and Harry Stebbings (20VC).
Some of the other major participants include 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 roughly twice as large as Pakistan’s largest private firm IPO and the highest in the MENA area, with a variety of consequences for the country.
Airlift has opened a new door that will enable investors to invest in Pakistan.
It will build confidence that Pakistan is also capable of manufacturing amazing technology and consumer products., and that this region has some great talent.
The compy itself has added 5% to Pakistan’s FDI for Fiscal Year 2021, besides from Series B funding.
This funding will bring a new era of a technology startup in Pakistan that can alone contribute to more than 10% of FDI in the coming years.
Usman Gul, Co-Founder and CEO of Airlift said, “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.”
He further added that these startups will bring efficiencies to the process of serving the market. “The more middlemen you introduce in this chain between the items and the customers, you begin to compromise the experience,”
In the initial 12 months, Airlift was able to reduce its customer acquisition cost from $5 to $2.50.
The team has a mission to enable self-empowerment by reducing individual dependencies by introducing safe, reliable, and affordable logistics solutions.
With a fast-moving supply chain, Airlift is bound to succeed and create thousands of jobs in Pakistan.
The company has a goal to create 200,000 jobs in the country in the next five years.
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