Pakistani E-Commerce Platform
PriceOye.pk, a Pakistani e-commerce platform, announced on Tuesday that it had raised $7.9 million in a seed funding round headed by JAM Fund, a US-based investment firm.
It also attracted several unicorn founders, most notably Peter Thiel, the creator 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, Palm Drive Capital, Atlas Ventures, Immad Akhud of Mercury Bank, and Asif Keshodia of Souq—participated in the seed funding round.
Regulated Marketplace for Electronics
PriceOye is a regulated marketplace for electronics that offers suggestions depending on the needs of the customer, assisting them in making wise purchases.
According to a press release, the product recommendation engine has been one of the key factors in attracting more than two million monthly users to PriceOye.pk’s site. Visitors utilise it to find products to buy.
The Adnan and Adeel Shaffi-founded firm says its income has increased by 500% yearly. It intends to maintain this trend by introducing more products and categories to the platform and growing its partner network.
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Issues With Buying Consumer Electronics
The existence of fake goods and price differences, which provide a broken shopping experience for the majority of Pakistani consumers, are two of the largest issues with buying consumer electronics in Pakistan.
Adnan Shaffi, co-founder and CEO of PriceOye, was quoted in the release as stating that the managed marketplace helps customers make better shopping decisions by providing access to authentic products at amazing prices.
Consumer Experience and Loyalty
“PriceOye has the greatest net promoter score, which measures consumer experience and loyalty, and was thus created to bring transparency and convenience to the buying experience. We are thrilled to collaborate with new investors who have put their faith in us as we prepare for the following stage of our expansion,” he continued.
“Within a short amount of time, PriceOye has developed dramatically and solidified its place as the leading national firm in online consumer electronics,” the founder and partner of Mantis VC Alex Pall continued. “We are pleased to support PriceOye in its effort to transform the way Pakistanis shop.”