KARACHI: The start-up ecosystem in Pakistan had a tumultuous day on Thursday with at least three notable players announcing service suspension, rollbacks and layoffs. Citing shifting economic conditions, prominent ride-hailing service Careem said it has suspended its food service in Pakistan. Swvl stops intra-city bus service; Careem suspends food deliveryThe official statement didn’t mention exactly which “economic” indicators led the company to suspend its food service. Referring to elusive reasons like the global recession, the spokesperson said the company can’t “burn cash” on the food delivery service that it started in 2019. Separately, app-based bus service Swvl also said on Thursday it’s “pausing” its service in Karachi, Lahore Islamabad and Faisalabad June 3 onwards because of the “global economic downturn”.

Source: The North Africa Journal June 03, 2022 04:58 UTC