Airlift, the ride-sharing bus service, has today announced a $10m Series A-1 financing to enter into grocery delivery business. The round is led by new partners and with strong participation from existing investors, increasing its entire investment to USD 24.1m.
Airlift’s financing round marks one of the largest capital investments in the region, at a time when the risk of a global recession is at an all-time high. The investment marks a new high for the Pakistani startup ecosystem, highlighting the unique opportunity that is prevalent in the region.
San Francisco based Quiet Capital, led the funding rounds with renowned venture capital firms such as TrueSight Ventures (London), RT Ventures (London), Shorooq Partners (Abu Dhabi), and ACE Capital (Taiwan), along with other local partners. Existing investors such as First Round Capital (San Francisco), Fatima Gobi Ventures (Pakistan), and Indus Valley Capital (Pakistan) also continued to show their support to Airlift in this financing session.
Airlift has came forward with its own value prepositions stating that the household essentials will be delivered within 45 minutes of the ordered placement. Consumers in Lahore can now order groceries and other household essentials through our mobile apps via the Google PlayStore, the Apple App Store or on the web
The company however stresses that their new brand i.e Airlift Grocer, is going to be an interim service which is going to be headed under the umbrella of Airlift technologies. The core focus of the company is still ride-hailing bus service which is halted at the moment due to novel coronavirus. Once the COVID situation abates, the company is looking forward to resume its core transit operations.