Airlift secures $85m financing

Published August 19, 2021
Airlift, a Lahore-based online shopping delivery service, has raised $85 million in Series B financing.— Photo courtesy: Twitter
Airlift, a Lahore-based online shopping delivery service, has raised $85 million in Series B financing.— Photo courtesy: Twitter

LAHORE: Airlift, a Lahore-based online shopping delivery service, has raised $85 million in Series B financing, the largest single private funding round in Pakistan’s history.

The financing is about twice the size of the largest private company IPO in the country’s history and the highest in the MENA (Middle East & North Africa) region.

Airlift Technologies Co-founder and CEO Usman Gul said the financing will add five per cent to the country’s foreign direct investment (FDI) for the fiscal year 2022. Series B financing is the second round of funding for a company that has met certain milestones and is past the initial startup stage.

The financing is co-led by Josh Buckley of Buckley Ventures and Harry Stebbings of 20VC. Major participants include Y Com­binator ex-president Sam Altman, 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).

“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,” Mr Gul said.

Published in Dawn, August 19th, 2021

Opinion

Editorial

Spy games
Updated 02 Oct, 2022

Spy games

The audios leaked so far appear to have been carefully curated: they apply pressure but do not do major damage.
‘Geopolitical football’
02 Oct, 2022

‘Geopolitical football’

THE US-China rivalry is by all measures one of the globe’s most dangerous competitions for power and influence. ...
Fuel price reduction
02 Oct, 2022

Fuel price reduction

ISHAQ Dar is back; so are his signature policies. The reduction of a little over 5pc in fuel prices announced by him...
Untruths and politics
Updated 01 Oct, 2022

Untruths and politics

It would arguably be in the national interest for the Supreme Court to take up the cipher and settle the matter.
Farmers’ protest
01 Oct, 2022

Farmers’ protest

SEVERAL hundred farmers have converged on Islamabad for the last three days to protest against the soaring costs of...
Dasht-i-Barchi bombing
01 Oct, 2022

Dasht-i-Barchi bombing

ON Friday morning, Kabul’s Dasht-i-Barchi neighbourhood was rocked by a terrorist attack targeting an educational...