Pakistan's consumer electronics e-commerce platform, PriceOye, secures a six-figure investment
In a significant move for the Pakistani e-commerce industry, PriceOye, an Islamabad-based startup, has secured an investment from SOSV, a US-based venture capital fund and accelerator. This investment is part of an on-going Pre-Series A round.
Founded in 2015 by brothers Adnan and Adeel Shaffi, PriceOye started as a price comparison website for mobile phones and electronics. However, in 2020, the company changed its model to become a controlled marketplace selling consumer electronics.
Adnan Shaffi, the co-founder and CEO of PriceOye, stated that the shift was due to a gap in the market for an electronics e-commerce platform. He aims to build PriceOye into the JD.com of Pakistan.
The investment comes at an opportune time, as PriceOye's website received close to 1.5 million visits last month. While Daraz Pakistan, the leading e-commerce marketplace in the country, received more visits - about 8 million - PriceOye's position as the second most visited e-commerce website in Pakistan is noteworthy.
Although the exact number of customers served by PriceOye and its GMV details were not disclosed, the company's growth is evident. The investment from SOSV is expected to further boost PriceOye's growth and help it achieve its ambitious goal.
As PriceOye continues to expand, it will be interesting to see how it competes with established players in the Pakistani e-commerce market and whether it can indeed become the JD.com of Pakistan.
