PriceOye.pk, a Pakistani e-commerce platform, has raised $7.9 million in a seed funding round led by the US-based JAM Fund, it was announced on Tuesday.
It also attracted a number of unicorn founders, most notably Peter Thiel, co-founder of PayPal and Palantir Technologies, who made his first investment in Pakistan.
In addition to previous investors Fatima Gobi Ventures, SOSV, and Artistic Ventures, Beenext, an early investor in Indonesian e-commerce platform Tokopedia, DG Daiwa, Mantis VC, HOF Capital, Jet.com’s investor Palm Drive Capital, Atlas Ventures, Immad Akhud of Mercury Bank, and Asif Keshodia of Souq, participated in the seed funding round.
“PriceOye is a managed marketplace for electronics that provides recommendations based on the consumer’s needs, assisting them in making informed purchasing decisions.” The product recommendation engine is used for product research by visitors and has been one of the key drivers in bringing over two million monthly users to PriceOye.pk’s platform, according to a press release.
Adnan Shaffi and Adeel Shaffi founded the startup, which claims to have achieved 500% revenue growth year on year and plans to continue on this trajectory by adding new products and categories to the platform as well as expanding its partner network.
“The presence of counterfeit products and price discrepancies, which result in a fractured buying experience for the majority of Pakistani shoppers, is one of the biggest problems with shopping for consumer electronics in Pakistan.” “Through its recommendations system, PriceOye’s managed marketplace not only provides access to authentic products at great prices, but it also helps consumers make better shopping decisions,” Adnan Shaffi, co-founder and CEO of PriceOye, was quoted as saying in the statement.
“PriceOye was thus created to bring transparency and convenience to the shopping experience, and it currently has the highest net promoter score, which measures customer experience and loyalty.” “We are excited to partner with new investors who have placed their trust in us as we plan for the next phase of our growth,” he added.
“Within a short period of time, PriceOye has grown exponentially and cemented its position as the leading national company in online consumer electronics,” Mantis VC founder and partner Alex Pall added. We are thrilled to be joining PriceOye in its mission to change the way Pakistanis shop.”
“It’s always a difficult choice for consumers to spend big amounts of money on high-value products while being unsure about their authenticity,” said Seamon Chan, managing partner of Palm Drive Capital, which has backed e-commerce unicorn Jet.com. I was inspired by PriceOye founders Adnan and Adeel’s vision of creating transparency and convenience for customers when shopping for consumer electronics.”