Pakistani transportation startup, Airlift, has secured $10 million in Series A-1 financing led by Quiet Capital, a US-based investment firm.
Airlift’s Series A-1 funding is one of the largest capital investments in the region at a time when capital markets are crippled amid the Coronavirus pandemic.
Airlift’s total investment now stands at $24.1 million.
Quiet Capital was joined by London-based TrueSight Ventures and RT Ventures, Abu Dhabi-based Shorooq Partners, and Taiwan-based ACE Capital along with other local partners during the Series A-1 round.
San Francisco-based First Round Capital, Pakistan-based Fatima Gobi Ventures and Indus Valley Capital, all Airlift’s existing investors, also continued their support for the Pakistani startup in this Series A-1 financing.
In an official statement, co-founder and CEO Airlift, Usman Gul, said:
We are thrilled to partner with investors who share our vision for building decentralized platforms to introduce easier, faster, and more efficient ways of moving people and goods around urban ecosystems.
In the face of the Coronavirus threat, Airlift has also introduced Airlift Grocer, a 45-minute delivery service for all household essentials.
On the launch of Airlift Grocer, Gul said that the COVID-19 pandemic has changed the world and Airlift will continue to adapt accordingly to provide additional value to customers.
Airlift understands that the world has changed. Our value to our customers must evolve. Our impact on the communities we serve must adapt accordingly. Our service must adapt to the changing times.
Meanwhile, Airlift has announced that the transit operations will remain suspended until the outbreak is contained completely.