Islamabad-based ecommerce startup PriceOye has raised an investment from US-based VC fund and accelerator SOSV, it announced in a statement today. The startup did not disclose the size of the investment but has told MENAbytes it is a six-figure (USD) deal and is part of an on-going Pre-Series A round. PriceOye had previously raised $450,000 in late 2019 led by Lahore-based Fatima Ventures.
Founded in 2015 by brothers Adnan and Adeel Shaffi, PriceOye had started as a price comparison website allowing users to compare prices of mobile phones and other electronics on different ecommerce platforms. Earlier this year, it has changed its model to become a controlled marketplace selling consumer electronics including mobile phones, televisions, refrigerators, and air conditioners.
Adnan Shaffi, the co-founder and CEO of PriceOye, speaking to MENAbytes said that they decided to start an ecommerce offering after realizing a huge gap in the market for an electronics ecommerce platform.
“One of the biggest problems with online shopping in Pakistan is counterfeit products. PriceOye is bringing transparency and trust to the online shopping experience, helping the 210 million Pakistani consumers seamlessly buy certified products at low prices,” explained Adnan in a statement, adding that they aim to build JD.com of Pakistan with PriceOye.
According to the publicly available numbers on SimilarWeb, PriceOye’s website received close to 1.5 million visits last month which makes it the second most visited ecommerce website of the country. Only Daraz Pakistan, the leading ecommerce marketplace of the country that is now owned by China’s Alibaba, received more visits – about 8 million.
It does not mean that PriceOye has the second-largest customer base as well. We don’t know how many of those visits are converting into purchases made on their website. The startup declined to share the number of customers it serves or its GMV details to MENAbytes.
William Bao Bean, General Partner at SOSV and Managing Director of MOX, the Mobile Only Accelerator, said, “Pakistani consumers are ready for world-class online shopping experience, and PriceOye has proven itself to be the market leader thanks to the platform’s unbeatable prices and seamless experience. We’re grateful to back Adnan and Adeel as they go on to shape the future of the Pakistani economy.”
The startup said that it will use the latest funds to grow its market share.