Vava Cars, a one-window store to buy and sell cars, has shut its operations in Pakistan, the company said in a message posted on the website.
The move came a few months after Vava Cars, backed by Dutch energy and commodity trading company Vitol Oil, raised $50m for expansion in Turkey and Pakistan.
“Vava Cars is no longer operational in Pakistan,” read the message on the website.
The company began operations in 2019 in Turkey, and entered Pakistan’s market in January 2020.
In recent months, a number of start ups have either completely shut down their operations, modified their strategy or retrenchment.
The company added it had started its journey in July 2019, driven by the mission of “solving a major problem that all of us face and live in every day”.
“Swvl promised that having reliable, comfortable and affordable means of transportation is not something fictional. We believed that every Pakistani should have this right, the right to commute safely every day,” the notification said.
The announcement came as the government announced a hike of Rs30 in the prices of petroleum products.
Popular ride-hailing app Careem suspended its food delivery operations in Pakistan from June 3.
Initially a ride-hailing app, Careem modified its business model during the pandemic to enter the quick commerce business.
In a statement released Thursday for general public, the company said it always tried to “deliver the very best experience” to its customers.
“However, with changing economic conditions we no longer feel confident we can deliver the service you deserve for Food,” the statement added.
The company has decided to continue its ride hailing services.