Business
Pakistan’s start;up industry is collapsing; Swvl to Airlift—it can’t afford it anymore
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While high-profile casualties during Pakistan’s economic crisis may be an inevitability, Airlift’s shutdown is significant. It’s a sign of a larger problem.
New Delhi: Pakistan’s once burgeoning startup world was rocked last week when e-commerce fast delivery service Airlift — akin to India’s Dunzo and Blinkit — announced its closure. It cited the “devastating impact” of the global economic recession and market downturn on the startup’s ability to meet its capital requirements despite attempts at restructuring.
What was once a promising market that boomed due to the Covid pandemic and government reforms, with prospective entrepreneurs utilising the indoor downtime to explore the digital space, now threatens to go up in flames.
While high-profile casualties and dominoes falling off during Pakistan’s ongoing economic crisis can be considered an inevitability, Airlift’s shutdown is significant. It is due to its status in the eyes of the Pakistani media and the global startup space — it was the country’s ‘poster child’. In August last year, the instant last-mile delivery startup had raised $85 million dollars in its Series B funding round, attracting the cash of venture capitalists from the UK and the US — Harry Stebbings and Josh Buckley, respectively.
“The funding round is the largest ever round for a Pakistani startup and is equivalent to the entire amount raised by local startups so far this year and the highest in the MENA [Middle East and North Africa] region,” Deal Street Asia had reported at the time.
Airlift’s funding in the third quarter of 2021 was one among other 82 startups’ publicly announced funding across stages, from the seed to Series B. According to the documentation work done by local consultancy firm Invest2Innovate and cited by Al Jazeera, these startups raised a ‘record-breaking’ 350 million dollars overall last year.
By contrast, this year, so far, has seen funding records of just 37 startups, 21 of which were during the first quarter with just two — merchant platform Bazaar and versatile e-commerce app Bykea — at the Series B stage.
And that’s not all. Prior to the three-year-old Airlift’s departure, other well-known start-ups like Egyptian bus sharing service Swvl and Turkish second-hand automobile marketplace VavaCars announced a temporary suspension and a permanent exit, respectively, from the Pakistani market in June.
Insiders’ view
But insiders like Golootlo co-founder Ali Meruani say that this is part and parcel of a risky industry where 90 per cent of participants don’t make it in the long run.
“Pushing boundaries means that failure is part of the equation, so we should be comfortable with it. We should celebrate them and celebrate failures. Running a start-up means you must be resilient, so this is just another bump in the road,” Meruani told Dawn, adding that the shock over Airlift’s downfall is more to do with the ‘small’ size of Pakistan’s start-up ecosystem.
The founder of Pakistani venture capital firm i2i ventures, Kalsoom Lakhani, concurs with Meruani about the industry’s size. “The challenge with Pakistan is that we’re not a ‘too big to fail’ ecosystem. We can’t afford anybody failing at this point, as it’s bad for perceptions about our environment. As we’re such a new economy, every single company becomes an ambassador — especially Airlift,” Lakhani told Rest of World, an online publication that covers tech stories in non-Western nations.
However, the reserved optimism expressed by VCs and start-up founders must be taken into account, with systemic issues affecting Pakistan’s start-up space as outlined by Al Jazeera.
Alongside a ‘drastic’ gender inequality, other roadblocks that more directly appear to impact start-ups in the country include a lack of diversity among local angel investors, unclear taxation laws for foreign investors, and a workforce that is not yet trained for senior positions in this new wave of digital firms, the Al Jazeera report added.
“It is imperative that the government and all other key stakeholders understand that we are at a crossroads where addressing the needs of these start-ups and their aliates and creating a favourable environment for them will determine the course of the entire digital economy over the years to come,” Invest2Innovate’s detailed 2021 report warned, with the 2022 downturn acting as a stark reminder for Pakistan.
While high-profile casualties and dominoes falling off during Pakistan’s ongoing economic crisis can be considered an inevitability, Airlift’s shutdown is significant. It is due to its status in the eyes of the Pakistani media and the global startup space — it was the country’s ‘poster child’. In August last year, the instant last-mile delivery startup had raised $85 million dollars in its Series B funding round, attracting the cash of venture capitalists from the UK and the US — Harry Stebbings and Josh Buckley, respectively.
“The funding round is the largest ever round for a Pakistani startup and is equivalent to the entire amount raised by local startups so far this year and the highest in the MENA [Middle East and North Africa] region,” Deal Street Asia had reported at the time.
Airlift’s funding in the third quarter of 2021 was one among other 82 startups’ publicly announced funding across stages, from the seed to Series B. According to the documentation work done by local consultancy firm Invest2Innovate and cited by Al Jazeera, these startups raised a ‘record-breaking’ 350 million dollars overall last year.
By contrast, this year, so far, has seen funding records of just 37 startups, 21 of which were during the first quarter with just two — merchant platform Bazaar and versatile e-commerce app Bykea — at the Series B stage.
And that’s not all. Prior to the three-year-old Airlift’s departure, other well-known start-ups like Egyptian bus sharing service Swvl and Turkish second-hand automobile marketplace VavaCars announced a temporary suspension and a permanent exit, respectively, from the Pakistani market in June.
Insiders’ view
But insiders like Golootlo co-founder Ali Meruani say that this is part and parcel of a risky industry where 90 per cent of participants don’t make it in the long run.
“Pushing boundaries means that failure is part of the equation, so we should be comfortable with it. We should celebrate them and celebrate failures. Running a start-up means you must be resilient, so this is just another bump in the road,” Meruani told Dawn, adding that the shock over Airlift’s downfall is more to do with the ‘small’ size of Pakistan’s start-up ecosystem.
The founder of Pakistani venture capital firm i2i ventures, Kalsoom Lakhani, concurs with Meruani about the industry’s size. “The challenge with Pakistan is that we’re not a ‘too big to fail’ ecosystem. We can’t afford anybody failing at this point, as it’s bad for perceptions about our environment. As we’re such a new economy, every single company becomes an ambassador — especially Airlift,” Lakhani told Rest of World, an online publication that covers tech stories in non-Western nations.
However, the reserved optimism expressed by VCs and start-up founders must be taken into account, with systemic issues affecting Pakistan’s start-up space as outlined by Al Jazeera.
Alongside a ‘drastic’ gender inequality, other roadblocks that more directly appear to impact start-ups in the country include a lack of diversity among local angel investors, unclear taxation laws for foreign investors, and a workforce that is not yet trained for senior positions in this new wave of digital firms, the Al Jazeera report added.
“It is imperative that the government and all other key stakeholders understand that we are at a crossroads where addressing the needs of these start-ups and their aliates and creating a favourable environment for them will determine the course of the entire digital economy over the years to come,” Invest2Innovate’s detailed 2021 report warned, with the 2022 downturn acting as a stark reminder for Pakistan.
Odyssey has been the lead content writer and content marketer. He has vast experience in the field of writing. His SEO strategies help businesses to gain maximum traffic and success.
Owning a home in Northern Cyprus is the dream and goal of many citizens from other countries. Indeed, own housing is the main and first condition for applicants for a Northern Cypriot residence permit. Your own personal property in Cyprus – it is a great opportunity to spend time at the resort, relax, and also to make money on investments.
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In today’s world, businesses are constantly seeking ways to improve their bottom line, increase their profitability, and drive growth. Energy efficiency is one of the most effective strategies for achieving these goals. Not only does it help companies save money on their energy bills, but it also offers a range of other benefits, from reducing carbon emissions to enhancing brand reputation. In this article, we’ll explore the business benefits of energy efficiency and provide actionable tips for unlocking cost savings and driving growth. Whether you’re a small business owner or a corporate executive, this guide will help you understand why energy efficiency matters and how you can leverage it to boost your bottom line. So, let’s dive in and discover the power of energy efficiency for your business!
The Business Case for Energy Efficiency
Energy efficiency is a smart business decision that can help you save money, reduce your carbon footprint, and increase your competitiveness. The first step in unlocking the benefits of energy efficiency is to understand the business case for it. Put simply, energy efficiency means using less energy to achieve the same results. This can be achieved through a range of measures, from upgrading to more energy-efficient equipment to implementing better controls and monitoring systems. By reducing your energy consumption, you can lower your energy bills and improve your bottom line. But the benefits don’t stop there.
Cost Savings from Energy Efficiency
One of the most significant benefits of energy efficiency is cost savings. By reducing your energy consumption, you can lower your energy bills and improve your bottom line. There is a range of measures you can take to achieve these cost savings, from upgrading to more energy-efficient equipment to implementing better controls and monitoring systems.
For example, upgrading to energy-efficient lighting can save you up to 75% on your lighting energy costs. Similarly, upgrading to more energy-efficient HVAC systems can save you up to 30% on your heating and cooling costs. By implementing these measures, you can achieve significant cost savings over the long term.
But the benefits of energy efficiency don’t stop with cost savings. By reducing your energy consumption, you can also reduce your carbon footprint and enhance your brand reputation. This can help you attract and retain customers, generate more revenue, and drive growth over the long term.
Increased Revenue from Energy Efficiency
In addition to cost savings, energy efficiency can also help you increase your revenue. By reducing your energy consumption, you can free up resources to invest in other areas of your business, such as marketing, research and development, or expansion. This can help you generate more revenue and drive growth over the long term.
For example, if you invest in energy-efficient equipment, you can lower your energy bills and use the savings to invest in new products or services. Similarly, if you implement energy-efficient measures in your operations, you can reduce your operating costs and use the savings to invest in new marketing campaigns or customer acquisition strategies. By taking these steps, you can increase your revenue and drive growth over the long term.
Examples of Successful Energy Efficiency Initiatives
https://www.beeanglia.org/ is an organization that helps businesses and individuals reduce their carbon footprint and save money through energy efficiency. The organization has helped a range of businesses achieve significant cost savings and other benefits through energy-efficient measures. Here are a few examples of successful energy efficiency initiatives by Beeanglia.org:
- One small business in the food industry was able to reduce its energy bills by 40% by implementing energy-efficient lighting, HVAC systems, and kitchen equipment.
- A large office building was able to reduce its energy consumption by 25% by implementing better controls and monitoring systems for lighting, HVAC, and other equipment.
- A manufacturing company was able to reduce its energy consumption by 20% by upgrading to more energy-efficient equipment and implementing better controls and monitoring systems.
These examples demonstrate the significant cost savings and other benefits that can be achieved through energy efficiency. By implementing energy-efficient measures, businesses can reduce their energy consumption, lower their energy bills, and enhance their brand reputation.
Conclusion and Next Steps
In conclusion, energy efficiency is a smart business decision that can help you save money, reduce your carbon footprint, and increase your competitiveness. By implementing energy-efficient measures, you can achieve significant cost savings, increase your revenue, and enhance your brand reputation.
Hello! My name is Mr. Abbax khan. I am a content writer & full-time professional Web Designer and Developer specially WORDPRESS with vast experience. I started my graduation in 2016 and graduated in 2020. I’m a professional article and blog writer, has written dozens of content on different topics and worked with professionals all over the globe.
Business owners who want to base their business in a central location that is full of personality should choose Holborn. This district, once branded as Midtown, is situated between the West End and the City. It boasts beautiful old buildings, atmospheric pubs, and great dining spots for business meetings, and it is also home to a few corporate giants. Here are 5 reasons to choose Holborn in London to base your company.
1. Beautiful Office Space
Holborn is filled with stunning architecture and gothic buildings, which means that business owners can choose from an array of unique office spaces to call their homes. The Workplace Company is a great place to start if you are looking for an eye-catching office space to rent in Holborn London. Not only are some of the office buildings in Midtown inspiring, but they are also more affordable than their more central counterparts. Thanks to the rise in the cost of office spaces in the West End, Holborn’s workspaces are generally more competitively priced. You can choose from different types of workspaces in Holborn, including serviced spaces and leasehold offices.
2. Convenient Transport links
Midtown has many convenient transport links, including Holborn, Farringdon, Blackfriars, and Chancery Lane. Stratford International can be reached in around 30 minutes, while St Pancras International is actually located in Midtown. If you’re heading out of the country, it is possible to reach Heathrow airport and Gatwick airport in just one hour. Of course, congestion can delay your journey, so always bear this in mind, but on good days, you can be safe in the knowledge that you will get to where you need to be.
3. Rub Shoulders with Industry Giants
Many corporate giants have chosen a Holborn address to base their headquarters. You can find large corporations, such as Amazon, Unilever, and Deloitte in the local area. You can even find the European headquarters of Warner Bros, Warner House, situated in Midtown. Being around successful companies such as these can be incredibly motivating and boost productivity and ambition within your own company.
4. Impress Clients
Although there are many fine dining establishments nearby in the City of London and the West End, you can wine and dine clients at excellent eateries in Midtown itself. Holborn Dining Room offers British fare on High Holborn, while Scarfes Bar is a trendy place to socialise after work. They offer a wide selection of tipples, and you can even enjoy some live music on most nights. Besides business lunches and meetings with clients, being in close proximity to good restaurants and watering holes is great for employees.
5. Healthy Living
Not only are the many local food and drink places great for your team, but the plethora of health centres and gyms are also a major draw for employees. Mainstream brands, such as Gymbox, Virgin Active, and PureGym, as well as independent gyms, are easily accessible from Holborn. Having facilities such as these nearby will encourage your employees to stay healthy. Regular exercise is great for all-around health and well being. The body becomes stronger and fitter, and staying active can reduce stress levels too.
Odyssey has been the lead content writer and content marketer. He has vast experience in the field of writing. His SEO strategies help businesses to gain maximum traffic and success.
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