The newest company in Pakistan to announce the end of all activities is CarFirst, a startup with its headquarters in Lahore.
CarFirst said on Friday that the company had “chosen to suspend operations in Pakistan” in a statement on its LinkedIn profile. The page also includes a list of 365 employees who have identified CarFirst as their employer on the professional networking and career development platform.
We would like to thank our team, partners, and most importantly, our customers for their continuous support throughout our journey, the statement added.
CarFirst claims that throughout the closing phase, a team will remain in place to supervise the entity’s closure and respond to inquiries from partners and clients.
CarFirst was launched in late 2016 and operated as a classic consumer-to-business-to-business idea. It acted as a middleman, buying cars from private sellers and selling them to dealers through online auctions.
Car sellers now have a means to have their automobiles inspected and sold for a price in less than an hour—including the time it takes for the payment to be processed—thanks to the internet platform. The CarFirst used car online auction platform included an app as well, providing its network of partners and clients with a practical way to find the vehicle they needed.
The closure occurs in the midst of a growing pattern of financial problems for many businesses in Pakistan, with a number of startups and established firms announcing either staff cutbacks or the closure of verticals.
A little over eight months after initially disclosing raising $50 million, the Dutch oil and commodity trading company Vitol, which backs VavaCars, announced earlier in June that it has stopped operations in Pakistan.