Pakistan’s Airlift Technologies has raised $85M in a Series B round bringing the total investment in the startup so far to $110M while adding 5% to Pakistan’s FDI for the fiscal year 2021!
Who Led The Series B Round?
- 20 VC
- Buckley Ventures
The round also saw participation from notable names like Sam Altman, former president of Y combinator; Steve Pagliuca of Bain Capital; Biz Stone, co-founder of Twitter; Jeffrey Katzenberg, ex-chief executive of Disney and Quibi.
- First Round Capital
- Quiet Capital
- Indus Valley Capital
- Fatima Gobi Ventures
- And a few angels!
The previous rounds also saw participation from London-based TrueSight Ventures & RT Ventures, Abu Dhabi-based Shorooq Partners, and Taiwan-based ACE Capital.
Harry Stebbings of 20 VC tweeted that Usman Gul is one of the most special founders he has met, and Airlift showed far superior unit economics than western models. The investment makes Airlift Technologies the most valuable startup in Pakistan, valued at $275M.
Airlift Technologies started out as a transit service in 2019. It was doing more than 35,000 rides a day in Pakistan’s largest urban centers when the coronavirus pandemic disrupted the sector and brought operations to a halt. But Airlift quickly diversified into last-mile delivery. The quick diversification has attracted praise from many in the ecosystem. With the new funding, Airlift plans to expand internationally to new markets in Asia and Africa.
How is The Pakistani Startup Ecosystem Coming Along?
Airlift raised the largest ever funding round, and this year has been a stellar year for the Pakistani. Startup ecosystem. 21 Pakistani startups have already raised a million dollars or more this year and the Airlifts round takes the total startup investments in 2021 to $170M. By the way, this is more than the amount raised by Pakistani startups in the last 5 years. More power to our stars Usman Gul, Ahmed Ayub, and Mehar Farukh.