CarFirst, a startup with headquarters in Lahore, is the most recent business in Pakistan to announce the closure of all of its operations.
On Friday, CarFirst posted on its LinkedIn page that it had “decided to cease operations in Pakistan.” 365 workers who have listed CarFirst as their employer on the platform for professional networking and career development are also listed on the page.
The statement concluded, “We would like to thank our team, partners, and most importantly, our consumers for their ongoing support throughout our journey.
According to CarFirst, a team will continue to be in place to oversee the entity’s closing and to address questions from partners and clients during the closing period.
A traditional consumer-to-business-to-business concept, CarFirst was introduced in late 2016 and served as a middleman, purchasing vehicles from individuals and selling them to dealers through online auctions.
The internet platform gave car dealers a way to have their vehicles examined and sold for a price in less than an hour, including the time it took for the payment to be processed. The used car online auction platform from CarFirst also featured an app, giving its network of partners and customers a convenient method to find the vehicle they required.
The closure comes amid a developing trend of financial difficulty for several enterprises in Pakistan, with numerous startups and established organizations announcing either worker reductions or the closure of verticals.
The Dutch oil and commodity trading business Vitol, which supports VavaCars, said earlier in June that it had ceased operations in Pakistan, a little over eight months after it had first disclosed raising $50 million.