Pakistan’s top performing startup, Airlift, announced on Tuesday that it had permanently shut operations in the country after day-to-day running finances dried up and an attempt to raise fresh funds failed last week. “While the global recession and recent downturn in capital markets has affected economic activity across the board, it has had a devastating impact on Airlift and rendered its shutdown inevitable. On July 12, Airlift’s operations will shut down permanently,” Airlift said in a statement. The grocery delivery startup had raised the largest financing of $85 million in the country’s history in the Series B funding round in August 2021. “As we wind down operations and reflect on our work with Airlift, we cannot help but recognise the talent density that Airlift was able to bring together.
