The last couple of months have been quite strange as well as Disastaurous for Startups, Most of the Startups related to IT have shut down mainly due to Economic crises
Following are the Startups which have been closed:-
⦁ Careem announced that they were shutting down their food delivery business in the country due to uncertain economic conditions.
⦁ SWVL a ride-sharing service announced that they wouldn’t be able to operate in certain fields due to economic instability in the country.
⦁ VAVA Cars, a giant car buy-sell service that entered in Pakistani market recently, also announced in June that they were shutting down their operations permanently in Pakistan, again due to economic challenges.
⦁ Airlift, a giant local startup having one of the biggest fundraisers in the country has quit due to unfavorable circumstances.
Main Reason:-
⦁ Economic crisis and Instability lead to the shutting down of Startups, Last 3 to 4 months have been very disastrous for IT Sector.
Seems like the new administration is unlucky for the country Economically as well as Politically. economic and political crises are pulling the country backward which can be very Fatal in the upcoming months.
IT Sector is the topmost sector and often it is termed as ‘ FUTURE ‘ but New government is unable to reform IT sector which is leading towards the downfall of Country.
