ISLAMABAD: Pakistani Prime Minister Imran Khan on Friday congratulated Lahore-based online shopping delivery firm, Airlift Technologies Pvt., for raising $85 million in the largest single private funding round in Pakistani history, saying his government was “fully committed” to creating opportunities for new businesses.
Airlift’s Series B financing, which also marks the largest in the Middle East and North Africa region, pushed the investment in Pakistan’s startup ecosystem this year to around $200 million, startup executives and experts have said.
“Welcome recent investment of 85 Million USD by leading VCs of the world in Airlift, a company led by young Pakistanis,” Khan said on Twitter. “Pakistan has huge potential and we are open for business. My govt is fully committed to creating opportunities.”
We welcome the recent investment of 85 Million USD by leading VCs of the world in Airlift, a company led by young Pakistanis. Pakistan has huge potential and we are open for business. My govt is fully committed to creating opportunities.
— Imran Khan (@ImranKhanPTI) August 20, 2021
Airlift started out in 2019 as an alternative to Uber, Careem and public transportation, allowing users to book rides on premium quality, air-conditioned buses and vans with fixed routes, stops and times.
But with disrupted mobility in the country due to the coronavirus pandemic, in September last year, the company decided to venture into the quick e-commerce space with online deliveries.
Airlift CEO and co-founder Usman Gul told Arab News this week the company had raised $107 million so far, including from the most recent funding round, and planned to venture into overseas markets like Africa and Middle East.
“The funding would be utilized for network growth, marketing and infrastructure development,” Gul said in an interview on Wednesday. “We are looking at Asia, Africa and other countries. We are excited about big markets in Saudi Arabia and the UAE.”
He said the company was still deciding about its “immediate overseas destination.”
The startup chief said the firm wanted to create thousands of jobs in Pakistan by building a platform for consumers, drivers, and small business owners.
“We are looking at 200,000 jobs in Pakistan in the next five years,” Gul said.
