Airlift, app-based urban mass transit startup that allows consumers to books rides on fixed-rate, announced a new venture in partnership with existing investors that lead their total investment to USD 24.1m. At the time when the risk for global recession is high, Airlift marks one of the largest capital investments in the region.
Airlift paused its transit operations due to the threat of Covid-19. But they have introduced Airlift Grocer, an offshoot of the same company, that enables the delivery of all household essentials within 45 minutes.
Consumers in Lahore can now order groceries and other household essentials through their mobile apps via the Google PlayStore, the Apple App Store or using their website via www.airliftgrocer.com.
Airlift wants to create a positive impact in the region by establishing a decentralized logistics platform. Local and foreign companies invested in Airlift to support their vision and improve the ecosystem of the startups in Pakistan.
Quiet Capital and First Round Capital based in San Francisco, TrueSight Ventures (London, RT Ventures (London), Shorooq Partners (Abu Dhabi), and ACE Capital (Taiwan) are the foreign venture capital (VC) companies that participated in recent series A-1 financing round.
Fatima Gobi Ventures (Pakistan) and Indus Valley Capital (Pakistan) are the local investors who continued their support for Airlift in financing.
Airlift is serving the community in new and innovative ways, and they are also committed to supporting the government income substitution program by creating new employment opportunities for riders on their platform.