Logistics startup Trella closes operations in Pakistan: Egypt-headquartered logistics startup Trella is putting its operations in Pakistan on hiatus three years after entering the country, Bloomberg reports, citing two sources it says have knowledge of the matter. The company stopped taking on new business in March, the people said, making Trella the latest firm to exit the crisis-hit country.

The rationale? Economic woes: Import restrictions, FX shortages, and a rise in fuel prices have tipped Pakistan’s economy into crisis. The economic problems are compounded by disastrous floods that displaced tens of mns of people last year.

Some staff to remain: Trella will keep some of its staff on the payroll to support operations in Egypt, Saudi Arabia and the UAE, the news outlet reports.

Trella isn’t the only one pulling back: Trella is following in the footsteps of several companies looking to wind down their Pakistani operations. EFG Hermes is heading for the exit, Careem last year shuttered its food delivery business, and Swvl closed its operations in November. Consumer healthcare operator IDH said in February it had terminated its planned acquisition of labs operator IDC.

REFRESHER- Trella closed one of Egypt’s largest-ever series A rounds in 2021, raising USD 42 mn in a round co-led by Maersk’s VC arm. The company received USD 6 mn in debt financing last year to help it expand in Pakistan and Egypt.

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