In the face of global recession, one of Pakistan’s top startups Airlift told its employees on Tuesday that it was shutting down its operations from Wednesday. According to DealStreetAsia, Airlift had paused all deliveries across Pakistan during the three-day festival of Eidul Azha, which typically sees a surge in demand for delivery services. We’re all just waiting for the announcement,” the report quoted a management-level Airlift employee ahead of the meeting as saying. Also read: Airlift realigns strategy amidst global recessionDealStreetAsia, quoting sources, said that Airlift was in talks to secure bridge financing of $20 million to tide over its funding crisis. Despite the layoffs and scaling back measures in May, Airlift did not implement austerity measures and continued to overlook the core of its operations, the sources added.
