Technology

Airlift nabs $12 million in Pakistan’s largest Series A funding ever

Airlift, a ride-hailing startup which connects passengers with buses on fixed-rate, just raised $12 million for their Series A financing. This funding is the largest ever for a Pakistani startup and so far one of the largest raised by any startup within the South Asian region.

In August just a few months back, the startup raised $2.1 million in seed funding in a round lead by Indus Valley Capital and the Fatima Gobi Ventures. This funding was just 5 months after Airlift launched its operations and 2 months onwards, they have increased their total capital investment figure to $14.1 million.

The Series A round was led by First Round Capital, a venture known for previously funding Uber. Fatima Group and Gobi Partners, and Indus Valley Capital also funded Airlift again in this round through Fatima Gobi Ventures joint fund.

With apps on Android and iOS, customers can book air-conditioned, premium buses in real-time and pay through cash, debit or credit cards as per their convenience. Users can reserve as many seats as they need and then pay accordingly. The following statement was issued by the company in regards to its financing:

Airlift is spearheading the third wave of ride-sharing, in which higher capacity vehicles are playing an increasing role in enabling urban commute. With this financing, Airlift is looking to invest in technology and operations to scale its vision for a decentralized mass transit system, initially focusing on the developing world.

Currently, Airlift operates in Lahore and Karachi and the team is spearheaded by Usman Gul, Ahmed Ayub, Awaab Khaakwany, Meher Farrukh, Muhammad Owais, and Zohaib Ali. Muhammad Owais has previously worked in Careem as a Data & Analytics Manager whereas Usman Gul, the CEO, has previously worked with DoorDash, a $12.6 billion food delivery unicorn.

This funding is great news to the Pakistani startup landscape and shows that companies here are starting to make a difference on a global and local landscape.

Sponsored
Shaheryar Ehsan

Content Team Lead. Blogger, Content Developer, Social Media, and SEO Expert. Reach out: shaheryar.ehsan@techjuice.pk

Share
Published by
Shaheryar Ehsan
Tags: airlifttop

Recent Posts

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

8 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

8 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

9 hours ago

35,000 Students to Receive Free Laptops Under Punjab Government Scheme

Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a new initiative aimed…

10 hours ago

Meta Introduces New Features to Messenger: AI Backgrounds, HD Video Calls, and More

Meta has unveiled a set of new features for Facebook Messenger, designed to improve call…

11 hours ago

PTA Seeks Stakeholder Input on VPN Registration

Islamabad (21st November 2024): PTA hosted a stakeholder consultation on VPN registration, with key participants…

12 hours ago