A Pakistani tech startup made $85 million in just 11 months! Here's how:

Pakistan was close to achieving a unicorn when Airlift was able to raise $85 million in 2021. This was the biggest ever funding that Pakistan had ever experienced. At that time Airlift made it to the headlines all around Pakistan and even on a global level as it set this new record. 

It faced its final downfall which let to its shutdown in 2022 without any further hope. Everyone talked about how Airlift made it to the top position on the charts and how it then vanished. What no one talked about was the blue prints Airlift followed to raise such an investment and how our economy which is at the brink of bankruptcy let that happen. 

We have talked about how Airlift was able to exploit the market of quick commerce and secure a strong position in a then-less crowded industry. But this was not the only factor which led to its success. 

Let's come to the point, top universities of Pakistan like IBA and LUMS have a very strong alumni network and students here always stress on creating network with alumni's and highly qualified professors teaching there. 

Conducting thorough market research can certainly lead to compelling business strategies, but many mistakenly believe that alone guarantees startup success. Airlift’s co-founders, Usman Gul and Ahmed Ayub, both LUMS graduates, leveraged their academic pedigree and strategic experience to secure funding from some of Silicon Valley’s most prestigious investors.

Usman Gul’s tenure as a consultant at DoorDash, a leading U.S.-based food delivery startup, provided him with invaluable industry insights and a strong network of global investors, further bridging the gap between Airlift and high-profile venture capital firms. Their ability to navigate both local market challenges and international investor expectations was a key factor in securing the record-breaking $85 million funding round.

Pakistani entrepreneurs from LUMS and other institutions often network with VCs in the U.S., especially through Pakistani diaspora investors in Silicon Valley. Hence proved that networking can play a significant role in building successful careers. 

I've been pondering how, despite Pakistan’s challenging economic conditions, Airlift managed to secure such a massive funding round. This curiosity stems from several key factors:

Economic Instability – High inflation, currency depreciation, and fiscal instability.
Weak Infrastructure – Logistics and supply chain issues in Pakistan posed operational risks, which could have discouraged investment.
Limited Local Venture Capital – Unlike India, Pakistan lacked a strong VC ecosystem, making it difficult for startups to raise such massive rounds locally.

However, Airlift didn’t let these long-standing Pakistani challenges hold them back. Instead of blaming the economic landscape for any limitations, the co-founders took a bold, independent approach. They expanded Airlift beyond local boundaries, establishing a global footprint to reduce reliance on Pakistan’s economy alone. Moreover, they attracted investors not just through their startup’s potential but also by leveraging their personal credibility and strong individual reputations.

They understood that blaming Pakistan’s economic conditions for their struggles as a startup would only hold them back. Instead, they focused on growth, knowing that true success lay in developing their own skills, expanding their networks, and establishing credibility—just as visionary founders should.

In conclusion, we cannot deny the fact that Airlift came up with a strong business plan by exploiting a new market segment not discovered by many at the time. And we also agree with the fact that they were ready to take risks that no other startup thought of doing. But there is always a bigger picture of everything and they took the road less traveled.

These were a few factors that I wanted to share and discuss. What do you think about this mega funding round and how our economy as a whole impacted it?

Maew!!