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

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