Pakistan’s transportation startup Airlift bags $2.2m in seed round

Traffic moves in front of a Habib Metropolitan Bank Ltd. branch in Karachi, Pakistan, on Friday, Nov. 30, 2012. Photographer: Asim Hafeez/Bloomberg

Pakistan-based transportation startup Airlift has raised $2.2 million in a seed round co-led by Fatima Gobi Ventures and local venture capital firm Indus Valley Capital, it said in a statement.

The fresh capital will be used to expand Airlift’s footprint into other major urban centres of developing markets. The development was first reported by MENAbytes, which pegged the seed round as the largest funding raised by any Pakistani startup.

Launched this March in Lahore, Airlift was founded by Usman Gul, Ahmed Ayub, Awaab Khaakwany, Meher Farrukh, Muhammad Owais and Zohaib Ali. The startup provides a marketplace that allows bus owners to operate their buses on fixed routes, offering a stop-to-stop solution. Users can book rides on premium quality and air-conditioned buses and vans that have fixed routes, stops and times in Lahore and Karachi.

The startup claims to complete over 50,000 rides every month. Gul had a stint with US-based food delivery unicorn DoorDash – its founder and CEO Tony Xu have backed Airlift as an angle investor. India-based bus aggregator ZipGo co-founder Pritesh Gupta has also joined Airlift as an advisor.

In the report by MENAbytes, Gul said Airlift has received “multiple acquisition offers from ride-hailing giants” – although he did not identify the potential buyers.

Fatima Gobi Ventures is a $20 million fund established by Fatima Ventures, the VC arm of Pakistani conglomerate Fatima Group, and China- and Kuala Lumpur-based Gobi Partners. The Chinese VC made its first investment in Pakistan when it backed online travel startup Sastaticket.pk’s $1.5 million Series A last November.

The Pakistani market seems to be hotting up, evincing significant investor interest. While ride-hailing and parcel delivery startup Bykea raised a $5.7 million Series A in April, transport and events e-ticketing platform Bookme also raised an undisclosed sum for its pre-Series A round in the same month.

On the VC front, invest2innovate (i2i) Ventures has recently launched its first $15-million fund along with an investment in Islamabad-based startup Mauqa Online. Another VC firm, Sarmayacar, has secured a $2.5 million commitment from World Bank Group’s International Finance Corporation (IFC) for its $30-million fund, which held its first close last November.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.