Airlift secures biggest Series-A funding of $12m
KARACHI - Airlift , a newly launched Pakistan-based decentralized mass transit system, has secured $12M in Series A financing due to its potential to grow and generate revenue.
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 its 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.
- Pakistan felicitates new Sri Lankan president09:22 PM | 17 Nov, 2019
- Shahzain Bugti takes early lead in NA-259 re-polling, show initial ...07:10 PM | 17 Nov, 2019
- AIOU sets up nine new offices at less-developed regions06:47 PM | 17 Nov, 2019
- UN calls for action to tackle global road safety crisis03:28 PM | 17 Nov, 2019
- CCW convention makes progress on key issues of deadly autonomous ...03:24 PM | 17 Nov, 2019
- I was hypersexualised as a teenager in Hollywood: Scarlett Johansson03:10 PM | 16 Nov, 2019
- Mira Sethi marries childhood friend02:42 PM | 16 Nov, 2019
- Here's how fans have reacted to Hamza Ali Abbasi's decision to quit ...02:07 PM | 16 Nov, 2019
- Azadi March: Chaudhry brothers active for compromise talks as Fazl ...12:08 AM | 5 Nov, 2019
- 8 Reasons to buy HONOR 8 Series04:49 PM | 23 Oct, 2019
- Meet members of Pakistan’s first-ever National Youth Council05:05 PM | 1 Jul, 2019
- Google releases the list of most popular Pakistani YouTube Ads of 201803:31 PM | 25 Jan, 2019