Airlift, Pakistan’s most valuable startup, is shutting down, two sources familiar with the matter told TechCrunch, following its inability to raise fresh capital.
The startup told employees Tuesday evening that it will be shutting down on Wednesday, according to the sources and a slide obtained by TechCrunch. The startup was attempting to put together a new round as recently as last week but “multiple” investors told the firm that it will take at least two months to wire the money,” the slide said.
“Other investors unwilling to assume the risk of wiring ahead of others,” the slide said.
Airlift operated a quick commerce service in eight Pakistani cities, including Lahore, Karachi and Islamabad. Users can order groceries, fresh produce and other essential items, including medicines, as well as sports goods from the Airlift website or app and have it delivered to them in 30 minutes. The startup raised $85 million in a Series B funding round in August, which valued Airlift at $275 million. Harry Stebbings of 20VC and Josh Buckley of Buckley Ventures led that round.
Airlift founder Usman Gul did not immediately return a request for comment.
This is a developing story. More to follow…