Is Airlift shutting down?

ISLAMABAD: In light of the significant downturn in global capital markets, Airlift is expected to soon announce closing down operations in Pakistan.

According to the details, recently a trail of LinkedIn users came online writing their concerns that Airlift is shutting down its operations fully in Pakistan,

However, there is not an official announcement from the company yet but sources claimed that the company is going to close shop completely in 2 days and all the employees are going to get a 2 month’s salary as compensation.

Earlier, as a part of efforts to reduce the surface area, Airlift pulled out of certain markets, including Faisalabad, Gujranwala, Sialkot, Peshawar, Hyderabad, Johannesburg, Cape Town, and Pretoria, according to an official press release from the delivery service provider.

The statement read: “Additionally, the company is relocating 8-10 dark stores in our largest markets (Lahore, Karachi and Islamabad), which account for almost 90% of our revenue. The above efforts are a part of Airlift’s strategy to focus on building scale and profitability in markets with considerable scale and high order density”.

According to the company statement, Airlift is reducing headcount by 31 percent across all markets and limiting the number of categories on the platform. “The decision to part ways with talented teammates has been incredibly challenging for the company. For impacted teammates, Airlift stands committed to providing financial and placement support to help find new roles,” it added.

According to Crunchbase, the startup raised its last round of $85 million, Series B in August 2021 which included Harry Stebbings, the founder of 20VC  as the lead investor. The company has a total headcount of 1,341 employees with 38% of it in operations. 1,100 of the total headcount is in Pakistan of which nearly, 80 are graduates of Uni of Punjab, 60 are graduates of LUMS, 50 are from KU, 45 are graduates of IBA, and  45 are from NUST.

They are former employees of 10Pearls, Foodpanda, Abacus Consulting, Careem, Zong, Nestle, and Jazz.

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