Trella, a trucking services startup backed by global shipping giant Maersk, has decided to wind down its operations in Pakistan, Bloomberg reported on Thursday.

The decision comes as Pakistan experiences one of its biggest economic crises and is facing multiple downgrades by ratings agencies because of a delay in its loan program with the International Monetary Fund.

Egypt-based Trella stopped taking new orders last month, people familiar with the matter told Bloomberg.

Also read: IMF cuts Pakistan’s growth forecast, sees hike in inflation

The company, which entered Pakistan in 2020, raised $42 million in 2021 from investors including the venture arm of A.P. Moller-Maersk A/S, one of the world’s largest shipping companies.

But the startup has now decided to exit the country citing recent macroeconomic turmoil, which has made its business in Pakistan unsustainable.

According to the Bloomberg report, Trella will retain some staff to assist operations in Egypt, United Arab Emirates and Saudi Arabia.

Trella’s exit from Pakistan follows a number of other global technology companies, including VavaCars, Swvl Holdings, Careem and Airlift, which have exited the market or paused their operations due to a funding crunch and squeeze in valuations of startups in the country’s startup economy.