fbpx
News Around

Pakistan’s Airlift raises $2.2 million seed for its app-based bus service

Lahore-based eight-month-old transportation startup Airlift has raised $2.2 million in a seed round, Airlift’s co-founder and CEO Usman Gul, revealed in a conversation with MENAbytes on Monday, saying that the round was co-led by one of Pakistan’s largest conglomerates Fatima Group, China’s Gobi Partners, and Indus Valley Capital, a Pakistan-focused VC founded by former LinkedIn executive Aatif Awan. According to our data, it is the largest-ever seed round raise by a startup in Pakistan.

The round that was also joined by many leading local individual investors including Yasser Bashir, Abbas Yousafzai, Shoaib Malik, Yusuf Jan, Jamil Goheer, Adil Ajmal, Ali Cheema, Saurav Ray, was initiated by Tony Xu, the founder and CEO of DoorDash, one of the largest food delivery companies in the world that was valued at $12.6 billion in its most recent funding round.

The founder and CEO of one of the largest food delivery services, DoorDash, Tony Xu initiated the seed round with multiple local individual investors in attendance.

According to Airlift CEO, Usman Gul, Airlift offers value for both the consumers and the vehicle owners.

Airlift reduces both commute time and cost. Airlift’s proprietary dynamic stops technology lies at the heart of our marketplace.

Usman disclosed during a conversation with a local tech website that they have received multiple acquisitions offers as well.

We have received multiple acquisitions offers from ride-hailing giants but we are currently not actively seeking acquisition or exit options. Our vision is to build the mass transit infrastructure of the developing world, starting with Lahore and Karachi.

The Egyptian startup that’s backed by some of the leading global and regional investors has all the resources to change things but Airlift is not worried about the competition. They’re, in fact, already thinking about their international expansion.

Related Articles

Honda Civic 2016 bags the highest award!

Isra Shams

PM Modi’s 96-year-old mother at the bank to exchange currency notes

Isra Shams

US-based firm on the verge to make investments in Pakistan’s solar-power sector!

Shamoon Rasool