Pakistan is the land of “investment” opportunities. However, Pakistan is yet to experience an economic boom since the 1960s. That does not mean Pakistan was not a good country for investment after the 60s. Pakistan’s security and political conditions did not convince foreign investors to invest their money. Now, huge news is coming. Lahore-based Pakistan Airlift Startup has secured a massive investment of 85 million dollars. It is the largest single funding round in Pakistan’s history. That is why it is a special occasion for businesses related to Pakistani technologies and e-commerce. Moreover, Prime Minister Imran Khan congratulated Airlift on Twitter as well. Stay with NaeTaze as we describe everything to you. Here We Go:
What is Pakistan Airlift Startup and How it Got so Much Investment?:
Airlift is a tech company that was started in Pakistan by local entrepreneurs for local populations. It is an online shopping delivery service based in Lahore. Currently, it is working in 8 cities. Airlift CEO Usman Gul said the company wants to expand its services to the whole of Pakistan and also wants to operate on an international level. He wants to expand the company to 15 cities by the end of 2021. Therefore, more jobs will be produced by the end of this year.
Airlift has raised 85 million dollars in Series B financing according to Bloomberg. This investment is the largest private funding round in Pakistan’s history. The investment is made by Venture Capitals (VCs). Harry Stebbings from 20VC and Josh Buckley from Buckley Ventures Ltd co-led this investment opportunity. Moreover, Former Y Combinator president Sam Altman also participated. In addition to this, Co-founder of Twitter and Medium Biz Stone, Co-chairman of Bain Capital Steve Pagliuca, Ex-chief executive of Disney and Quibi Jeffrey Katzenberg, and Founder and chief executive of TransferWise Taavet Hinrikus also participated in the new round. It brought the startup’s to-date raise to $110 million.
This investment by VCS is highest in North Africa and the Middle East region. IPO was the largest private company investment-wise in Pakistan. Now, this honor belongs to Airlift.
Where is Airlift operational?
Airlift is currently operational in eight cities.
Airlift CEO Usman Gul said the company wants to expand its services to the whole of Pakistan and also wants to operate on an international level. His target is to expand the services to 15 cities by December. Then next year, they want to go International!
CEO Usman Gul further said the startup today employs over 100 people. Airlift will be expanded to over 15 countries and more than 400 people will be employed by the end of the year.
Moreover, Airlift expresses is planning to expand to more categories, including electronics.
“We want to explore new categories and build the railroads so that we can move products from manufacturers to consumers.”Airlift CEO Usman Gull
Airlift CEO Usman Gull left his job at DoorDash and moved back to Pakistan to start Airlift. Initially, it dealt with air conditioners. Then when the Pandemic hit and it closed everything, Airlift explored new avenues. Now, Airlift has made history by securing the biggest ever funding.
PM Imran Khan congratulated Airlift Startup:
PM Imran Khan welcomed the Airlift investment in Pakistan. It will produce more job opportunities. Imran Khan said Pakistan is the best destination for investors to invest in. Furthermore, PM Khan pledged that the government is creating more opportunities for investors to invest in Pakistan.
There are vast opportunities in Pakistan where investment can be made. That is why overseas Pakistanis and foreign investors should explore the opportunities to invest in Pakistan.
All in all, it is indeed good news that the Pakistan Airlift Startup has secured a huge sum of money. It will be extremely beneficial for the crippling economy of Pakistan. It will lead to more jobs and the trust of more foreign investors to invest in Pakistan. Economics experts are predicting that it can lead to more investment in the e-commerce sector in Pakistan and the country is on the right track. How important this investment will prove to be in the future, Only time will tell!