Ride-hailing bus service Airlift has raised another $10 million in seed financing, taking its total investment to $24.1m, according to its co-founder and CEO Usman Gul. In a statement posted on Medium, Usman Gul said:
“At a time of mass turbulence in capital markets, Airlift’s Series A-1 round marks one of the largest capital investments in the region. We are thrilled to partner with investors who share our vision for building decentralized platforms to introduce easier, faster and more efficient ways of moving people and goods around urban ecosystems.”
The investment round was led by San Francisco-based Quiet Capital and also included TrueSight Ventures (London), RT Ventures (London), Shorooq Partners (Abu Dhabi), and ACE Capital (Taiwan), as well as local investors. The startup’s previous investors, First Round Capital (San Francisco), Fatima Gobi Ventures (Pakistan) and Indus Valley Capital (Pakistan), chipped in as well.
The CEO announced Airlift’s new venture into grocery delivery, called Airlift Grocer which is “a 45-minute delivery service for all household essentials”. According to Airlift Technologies’ Executive Director, Syed Mehr Haider:
“In the last few months, we have streamlined our processes so much that we now have the capability to deliver groceries within 45 minutes and with high order accuracy.”
Airlift, which started its decentralized mass transit operations just 11 months ago, had raised $12m in investments in November last year by leading investors in what was Pakistan’s largest Series-A round for a start-up. The bus ride-hailing service had to suspend its operations in March, when coronavirus started to spread in the country, leading provincial governments to impose restrictions on public transport.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com