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Wednesday, January 15, 2025 | 04:12 PM ISTEN Hindi

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How a startup in Pakistan folded just a year after raising $85 million

Airlift started by operating vans and small buses used by office workers and students. When that business slowed during the pandemic, the company pivoted to quick commerce

Airlift Express
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Airlift Express

Faseeh Mangi | Bloomberg
In early July, things looked rosy at Airlift Technologies Pvt. as it prepared to raise more cash for expansion. Six days later, the startup -- one of Pakistan’s most prominent -- was bust.
 
The e-commerce company collapsed less than a week after failing to complete a funding round, underscoring how severely the global rout in tech valuations is affecting fragile startups in emerging markets. Airlift had raised $85 million a year earlier -- a record for the country -- and had curbed spending in a bid to appeal to investors as it worked toward a fresh round. But then the

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