ISLAMABAD – Prime Minister Imran Khan on Friday welcomed the recent investment of $85 million investment through Series B financing, the biggest single private investment round in the country’s history, in Airlift, the Lahore-based online retail delivery company.
The investment comes after Airlift switched to e-commerce with 30-minute shipping in September after the epidemic forced them to abandon their primary business of providing air-conditioned bus trips.
“We welcome the recent investment of $85m by leading VCs (venture capitalists) of the world in Airlift, a company led by young Pakistanis,” the premier tweeted.
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
“Pakistan has huge potential and we are open for business. My govt is fully committed to creating opportunities,” he added.
Reacting to prime minister’s remarks, Airlift said: “Thank you Prime Minister @ImranKhanPTI for calling attention to #Airlift’s milestone that will pave the way for future investment in #Pakistani #startups. Onwards & upwards!”
Thank you Prime Minister @ImranKhanPTI for calling attention to #Airlift’s milestone that will pave the way for future investment in #Pakistani #startups. Onwards & upwards! #PakistanKaAirlift https://t.co/REmNL2FgmV
— Airlift Pakistan (@airlift_pk) August 20, 2021
Punjab Chief Minister Usman Buzdar also admired the the achievement of the private company. He said he was “glad” to share that global investors were showing confidence in Pakistan’s evolving technology space.
“Glad to share that global investors are showing complete confidence in the evolving technology space in Punjab and Pakistan.
“@airlift_tech, a completely home-grown start up of Pakistan has successfully raised 85 Million USD in their series B financing,” he tweeted.
The total money raised by Pakistani startups in the first half of the year is equal to the amount raised by Airlift. According to statistics collected by Bloomberg, it also surpasses the biggest initial public offering by the private sector in the United States.
It now intends to expand to 15 Pakistani cities by the end of the year, up from the existing eight. It’s also on a recruiting frenzy, with ambitions to increase its core staff to 400 people by the end of next year. In approximately three months, the firm plans to join a growing market abroad.
Read more: https://pakobserver.net/airlift-raises-85mn-in-pakistan-for-shopping-delivery-service/
