Airlift, once regarded as the market leader in Pakistan’s q-commerce industry, is currently terminating its operations due to a lack of new funding.
Sources with knowledge of the situation said that Airlift told staff on Tuesday evening that the company would be ceasing operations in the nation on Wednesday.
The company was just last week trying to raise a new round, but “a few” investors told the company that it would take at least two months to get the money.
Airlift will work to release severance and close its liability stream within the next 30 days to signify a complete cessation of operations; the offboarding process has already begun. It was brought to the attention of high management three days ago.
Just hours after the news came, Airlift announced in a press release that company “would shut down permanently. A huge number of stakeholders are affected by this decision, as well as a burgeoning technology ecosystem.