Pakistan’s Airlift raises $12 million in country’s largest Series A to build a decentralized global

[Shahzaz ud din]

Pakistan’s Airlift raises $12 million in country’s largest Series A to build a decentralized global mass transit system
By
Staff Report
-
November 2, 2019
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Airlift, a Pakistan-based decentralized mass transit system, has secured $12M in Series A
financing. The round is led by First Round Capital, a leading US venture capital firm with notable
investments in Uber, Square, Roblox, Looker and Notion. The round marks one of the largest
financings in South Asia this year and the first time that a US-based VC has led a round in
Pakistan.
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 it’s vision for a decentralized mass transit system,
initially focusing on the developing world.
“In the future, mass transit systems will be dynamic in nature, catering and adapting to the
changing needs of the urban population. Our vision for a decentralized mass transit system is a
new concept, one that will fundamentally redefine how people commute in urban centers,” says
Usman Gul, Airlift’s co-founder and CEO.
Prior to moving to Pakistan, Gul previously worked at DoorDash, the largest food delivery
platform in the US. Tony Xu, Founder/CEO at DoorDash, which was valued at $12.6 billion in
the last round, was among the first few angel investors to support Airlift.
In August, just five months after launching operations, Airlift closed seed financing of $2.2M with
Indus Valley Capital and the Fatima Gobi Ventures, a JV between one of Pakistan’s leading
conglomerates Fatima Group and Gobi Partners, co-leading the round. In October, only two
months later, the Company has secured Series A financing, increasing their total capital to
$14.1M and setting a new precedent for startups based in Asia.

 

[Yaseen1]

swvl should improve its app and timings should be more flexible in Islamabad -rawalpindi area if it wants to succeed,its current app is mess and bus timings for each route are very low in number each day

 

[Dubious]

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

By

Shaheryar Ehsan on November 2, 2019 -


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.

https://www.techjuice.pk/airlift-just-raised-12-million-in-pakistans-largest-series-a-funding-ever/