Considering the significant decline in global financial markets, Airlift is undergoing a strategic restructuring to reduce operational space and focus more on important areas that provide sustainability and profitability.
Airlift is withdrawing from several markets, including Faisalabad, Gujranwala, Sialkot, Peshawar, Hyderabad, Johannesburg, Cape Town, and Pretoria, as part of attempts to minimize surface area. Furthermore, the Company is moving 8-10 dark stores in our main markets (Lahore, Karachi, and Islamabad), which account for about 90% of our income. The activities are part of Airlift’s strategy to focus on size and profitability in areas with significant scale and high order density.
Airlift is also decreasing personnel by 31% across all countries and restricting the number of categories available on the site. The choice to part ways with great coworkers was extremely difficult for the Company. Airlift has said that they would continue to provide financial and placement assistance to affected colleagues to help them find other jobs.
It is a worldwide correction, with all startups, including larger firms like Netflix, laying off 10% of their staff, Ali Baba withdrawing investments, and many more seeing some of the sharpest crypto losses. This week, Alibaba liquidated their investment in Paytm Mall for 1% of its prior market value. The most significant consequence of the current stock market fall is a shift in market attitude. So it’s not like Airlift didn’t plan for one of the largest drops in 30 years; no one could.
The changes are a crucial step toward Airlift’s long-term mission of empowering customers and harnessing technology to provide customer-centric solutions. Airlift aspires to gain deeper depth in key areas and give higher value to clients in our main markets by narrowing the range of our activities.