Pakistani health-tech startup MedznMore, known as one of the most well-funded companies in the country, has made the difficult decision to cease its operations. The company’s co-founder, Saad Khawar, stated that the deteriorating macroeconomic situation in Pakistan played a significant role in this decision.
Challenging Macroeconomic Conditions Lead to Closure
According to Saad Khawar, MedznMore had no choice but to shut down its operations in early June due to the unfavorable macroeconomic climate in Pakistan. The startup faced significant challenges amid declining economic conditions, particularly during its fundraising efforts.
Negotiations for Technology and Brand Acquisition Underway
While MedznMore closes its doors, the management team is actively engaged in discussions with several potential buyers interested in acquiring the company’s technology and brand, Tabiyat.pk. Saad Khawar assured that there is no major asset-liability gap, and the company is working diligently to settle any remaining liabilities.
Despite the unfortunate outcome, Saad Khawar expressed immense pride in the team and the accomplishments they achieved together. He conveyed gratitude to his colleagues for their dedication and hard work throughout their journey.
