A US-based investment company, JAM Fund, revealed on Tuesday that PriceOye.pk, a Pakistani e-commerce platform, has raised $7.9 million in a seed funding round.
It also attracted a number of unicorn founders, most notably Peter Thiel, the creator of PayPal and Palantir Technologies, who made it his first investment in Pakistan.
Beenext, an early investor in Indonesian e-commerce platform Tokopedia, along with prior investors Fatima Gobi Ventures, SOSV, and Artistic Ventures, as well as DG Daiwa, Mantis VC, HOF Capital, Palm Drive Capital, Atlas Ventures, and others, are among the current investors. Asif Keshodia of Souq and Immad Akhud of Mercury Bank both participated in the seed investment round.
“PriceOye is a regulated online electronics market that makes suggestions depending on the needs of the user, supporting them in making informed decisions. One of the main elements in bringing more than two million monthly users to PriceOye.pk’s website, according to a press release, has been the product recommendation engine. Visitors use it to locate goods to purchase.
The Adnan and Adeel Shaffi-founded firm says its income has increased by 500% year over year. By adding more categories and products to the site and expanding its partner network, it hopes to keep this trend going.
Two of the biggest problems with purchasing consumer electronics in Pakistan are the prevalence of fake items and pricing discrepancies, which offer a broken shopping for the majority of Pakistani customers. The managed marketplace, according to Adnan Shaffi, co-founder & CEO of PriceOye, helps consumers make better purchasing decisions by giving them access to genuine goods at unbelievable costs.
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 eager to collaborate with new investors who have put their faith in us as we prepare for the next stage of our growth.
