Airlift, a Lahore-based quick commerce startup, announced that it would shut down operations in some cities and reduce its staff due to the current economic downturn.
Tell me more: Airlift announced that it would shut down operations in Faisalabad, Gujranwala, Sialkot, Peshawar, Hyderabad, Johannesburg, Cape Town, and Pretoria.
Consequently, it will be reducing headcount by 31% (an estimated 400+ people) across all markets and limiting the categories of products available on its platform.
Make it make sense: In March 2020, when the pandemic began, Airlift quickly pivoted into grocery delivery and later quick commerce.
Even before the pandemic, its vanpool business was struggling, and the pandemic allowed the company to pivot.
The pivot worked as Airlift was able to grow fast and raise $85 million in Series B funding last year.
Similarly, Airlift has another opportunity to realign its strategy and build scale and profitability in markets with strong demand during the current global downturn.
You should know: To date, Airlift has raised $109 million in funding and was last valued at $275 million.
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