AIRLINK 60.45 Decreased By ▼ -0.52 (-0.85%)
BOP 6.32 Increased By ▲ 0.03 (0.48%)
CNERGY 4.39 Increased By ▲ 0.06 (1.39%)
DFML 16.00 Increased By ▲ 0.14 (0.88%)
DGKC 69.01 Decreased By ▼ -0.29 (-0.42%)
FCCL 18.09 Decreased By ▼ -0.11 (-0.6%)
FFBL 26.24 Decreased By ▼ -0.01 (-0.04%)
FFL 9.34 Increased By ▲ 0.11 (1.19%)
GGL 10.24 Decreased By ▼ -0.01 (-0.1%)
HBL 115.42 Decreased By ▼ -1.58 (-1.35%)
HUBC 116.06 Increased By ▲ 1.58 (1.38%)
HUMNL 7.03 Increased By ▲ 0.10 (1.44%)
KEL 5.02 Increased By ▲ 0.13 (2.66%)
KOSM 5.68 Increased By ▲ 0.35 (6.57%)
MLCF 38.72 Increased By ▲ 0.22 (0.57%)
OGDC 132.17 Increased By ▲ 8.20 (6.61%)
PAEL 21.76 Decreased By ▼ -0.09 (-0.41%)
PIAA 12.80 Increased By ▲ 1.00 (8.47%)
PIBTL 6.10 No Change ▼ 0.00 (0%)
PPL 119.87 Increased By ▲ 6.12 (5.38%)
PRL 28.17 Decreased By ▼ -0.13 (-0.46%)
PTC 12.08 Increased By ▲ 0.63 (5.5%)
SEARL 51.80 Decreased By ▼ -0.50 (-0.96%)
SNGP 68.77 Increased By ▲ 1.07 (1.58%)
SSGC 11.46 Increased By ▲ 0.13 (1.15%)
TELE 8.19 Increased By ▲ 0.34 (4.33%)
TPLP 11.53 Decreased By ▼ -0.05 (-0.43%)
TRG 72.75 Increased By ▲ 0.94 (1.31%)
UNITY 23.62 Increased By ▲ 0.52 (2.25%)
WTL 1.37 Increased By ▲ 0.08 (6.2%)
BR100 6,790 Increased By 72.9 (1.09%)
BR30 23,078 Increased By 560.6 (2.49%)
KSE100 65,952 Increased By 626 (0.96%)
KSE30 22,417 Increased By 271.6 (1.23%)
Technology

Pakistani e-commerce platform PriceOye announces $7.9mn in seed funding

  • PriceOye is a managed marketplace, similar to JD.com in China, where consumers can purchase consumer electronic products
Published August 30, 2022

PriceOye, a Pakistani e-commerce platform, on Tuesday announced that it has raised $7.9 million in seed funding from a number of investors, including PayPal founder Peter Thiel.

Founded by Adnan Shaffi and Adeel Shaffi in 2015, PriceOye is a managed marketplace, similar to JD.com in China, where consumers can purchase consumer electronic products. The e-commerce platform plans to utilise the latest funding to add new products and categories to the platform and expand its network of partners.

The seed funding was led by US-based JAM Fund. Additional investors include Beenext, an early investor in Indonesian decacorn eCommerce platform Tokopedia, DG Daiwa, Mantis VC, HOF Capital, Jet.com’s investor Palm Drive Capital, and Atlas Ventures among others, according to the statement.

Additionally, angel investors including Thiel, Immad Akhud of Mercury Bank, and Asif Keshodia of Souq also participated in the round, as well as previous investors Fatima Gobi Ventures, SOSV, and Artistic Ventures.

Pakistan's fintech PostEx acquires Call Courier

“Some of the biggest problems with shopping for consumer electronics in Pakistan is the presence of counterfeit products and price discrepancies which result in a fractured buying experience for a majority of Pakistani shoppers,” said Adnan Shaffi, co-founder and CEO of PriceOye.

Shaffi said the platform gives access to authentic products at great prices, and helps consumers make better shopping decisions through its recommendations system.

The funding comes at a time Pakistan's startup sector battles volatility with fundraising announcements coming in tandem with downsizing and closing down of operations.

Pakistani start-ups continue to flourish as e-commerce platform PriceOye secures six-figure funding

Commenting on the investment, Seamon Chan, managing partner of Palm Drive Capital, stated, “It’s always a difficult choice for consumers to spend big amounts of money on high-value products while being unsure about their authenticity.”

“PriceOye has become the leading B2C eCommerce platform and the growth is a testament to the founders’ ability to execute. We are excited to back them as they steer PriceOye towards a new phase of growth."

Comments

Comments are closed.