Pakistan’s top performing startup, Airlift, announced on Tuesday that it had permanently shut operations in the country after day-to-day running finances dried up and an attempt to raise fresh funds failed last week. The grocery delivery startup had raised the largest financing of $85 million in the country’s history in the Series B funding round in August 2021.
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Earlier, the startup pulled out of a couple of expansion markets, cut jobs and increased delivery charges under a business restructuring strategy, but failed to survive in the end.
The company announced that it would pay two-month salary to its teammates covering July and August.
Source: Express Tribune