PM Imran welcomes $85 million investment in Airlift

PM says Pakistan has huge potential and is open for business; pledges govt’s commitment to such opportunities


News Desk August 20, 2021
PHOTO: FACEBOOK/ IMRAN KHAN

ISLAMABAD:

Prime Minister Imran Khan welcomed on Friday the recent $85 million investment in the Pakistan-based start-up - Airlift - by leading VCs of the world.

“Pakistan has huge potential and we are open for business,” the premier said in a tweet.

The prime minister also pledged his government’s compete commitment to create such investment opportunities in the country.

 

Govt to honour Constable Jamal Kalhoro

The federal government has decided to honour Constable Jamal Kalhoro on Pakistan Day 23rd March 2022 for his commitment to service and saving the life of a person, who fell while trying to board a moving train.

"We have decided to honour Constable Jamal Kalhoro on Pakistan Day 23rd March for dedication to duty. 'If anyone saves a life, it shall be as though he had saved the lives of all mankind.' --- Surah Al-Mai’dah [5:32]," Prime Imran Khan announced in a tweet.

 

The premier had also shared the short video clip of the incident where the young policeman, after seeing a man falling into the track area, rushed towards the moving train and pulled the man out.

"This is where duty becomes sacred, praising the commitment of the young policeman to serve the people," the PM added.

 

A day ago, Airlift announced $85 million series B financing led by investors around the world and is one of the largest financing in the Middle East and North Africa (MENA) region co-led by Josh Buckley (Buckley Ventures) and Harry Stebbings (20VC).

According to a statement issued, other major participants included Sam Altman (ex-President YCombinator), Biz Stone (Co-founder at Twitter/Medium), Jeffrey Katzenberg (ex-CEO Disney), Taavet Hinrikus (Founder/CEO at TransferWise), and Seve Pagliuca (Co-Chairman, Bain Capital).

Read Pakistan's Airlift secures record funding by global investors

The financing is about twice the size of the largest private company initial public offering (IPO) in Pakistan’s history and the highest in the MENA region, bringing a number of implications for the country.

The company plans to bring foreign investors to Pakistan. “It will garner confidence that great technology and consumer products can be built in Pakistan, and that this region of the world has some of the best talents,” the statement added.

Airlift Express alone with its series B funding of $85 million has added 5% to Pakistan’s foreign direct investment (FDI) for fiscal year 2021. This financing round lays the foundations of a new dawn in Pakistan where technology start-ups alone can contribute to more than 10% of FDI in the upcoming years.

The company is building a platform for consumers, drivers and small business owners to move consumer goods. With an agile supply chain, Airlift is working to create thousands of jobs within Pakistan and is on a mission to create 200,000 jobs in Pakistan within the next five years.

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