By Manish Singh
A one-year-old startup that is attempting to build the railroads for e-commerce in Pakistan has just secured a mega round of funding in a major boost to the South Asia nation’s nascent startup ecosystem.
Airlift operates a quick commerce service in eight cities including Lahore, Karachi, and Islamabad in Pakistan. Users can order groceries, other essential items including medicines from Airlift website or app and have it delivered to them in 30 minutes.
The startup said on Wednesday that it has raised $85 million in its Series B financing round at a valuation of $275 million. Harry Stebbings of 20VC and Josh Buckley of Buckley Ventures co-led the financing round, which is by far the largest for a Pakistani startup.
Sam Altman, former president of Y Combinator, Biz Stone, co-founder of Twitter and Medium, Steve Pagliuca, co-chairman of Bain Capital, Jeffrey Katzenberg, ex-chief executive of Disney and Quibi, and Taavet Hinrikus, founder and chief executive of TransferWise also participated in the new round, which brings the startup’s to-date raise to $110 million.
Stanley Tang, co-founder of DoorDash, Simon Borrero, founder and chief executive of Rappi, Baastian Lehman, founder and chief executive of Postmates, Quiet Capital and Indus Valley Capital also participated in the …read more
Source: Tech Crunch