PriceOye.pk, Pakistan’s e-commerce platform, has announced raising $7.9 million in a Seed funding round led by US-based JAM fund.
The funding round, which will consolidate the startup’s position as the leading electronics marketplace in the country, was also backed by Beenext, DG Daiwa, Mantis VC, HOF Capital, Palm Drive Capital, and Atlas Ventures, among others.
Additionally, notable unicorn founders Peter 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. This is Peter Thiel’s first investment into Pakistan.
PriceOye is a managed marketplace for electronics, with recommendations based on the consumer’s requirements, helping them make informed purchasing decisions. The product recommendation engine is used by visitors for product research and has been one of the important drivers of bringing over 2 million monthly users to the PriceOye.pk’s platform.
The startup has developed a proprietary product recommendation engine that asks simple questions for each category and recommends products based on the responses. For example, if you are purchasing a smartphone, it will ask a few simple questions like what’s your price range, which phone are you using right now, and what features are important for you. Based on the answers, the product that best fits your criteria is recommended by PriceOye, thus improving the way people shop for electronics.
PriceOye.pk has grown exponentially, posting 500% revenue growth year-on-year, making it one of the leading B2C eCommerce players in the country. With the new funding, PriceOye is poised to continue on its growth trajectory, adding new products and categories on the platform, and expanding its network of partners.
“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. PriceOye’s managed marketplace not only gives access to authentic products at great prices but also helps consumers make better shopping decisions through its recommendations system,” said Adnan Shaffi, co-founder and CEO of PriceOye.
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