If the news of quick commerce startup Airlift cutting down operations and laying off staff rattled you, know that the worst is yet to come. The proverbial party is on hold for now, and while it may have been a blast while it lasted there are now splitting headaches to nurse and consequences to deal with.
The dizzying highs seen by tech-startups all over the world have been brought down to abysmal lows by the brutal claws of a market that is persistently bearish in the face of rising inflation and a global recession. Major tech players including Apple, Microsoft, Amazon, and Google have taken significant stock hits, shaking investor confidence and almost overnight making funding for startups scarcer than it has been in years.
What does it mean for Pakistan? Very briefly put, it means for the time being funding is going to dry up and our startups will have to show their true metal.