Facing continuing uncertainty and a serious decline in funding, a number of Pakistani startups are either planning to shut down operations or undertake massive layoffs. Chief among those facing the heat are delivery service startup Cheetay, B2B startup Dastgyr, the Electronic Monetary Institute (EMI) known as YAP, and fintech company Paymob. Of these four prominent startups Cheetay, according to a source close to the founders, is on the brink of shutting down. Sources had informed Profit that the round was actually just under $20 million, raised by Jabberwock Ventures, and not Cheetay or Swyft alone. According to sources, Dastgyr had already let go of almost all of its warehouse staff before the new year, however, 2024 brought misfortune upon half of the white collar workforce, as well.

Source: Pakistan Today January 19, 2024 15:09 UTC