KARACHI: PriceOye.pk, Pakistan’s leading e-commerce platform, has raised an undisclosed amount of funding in its ongoing Pre-Series A round led by the US-based venture capital fund SOSV, a news release said.
Last year, the company announced its seed funding round led by Fatima Ventures.
“Pakistani consumers are ready for world-class online shopping experience, and PriceOye.pk 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,” said William Bao Bean, General Partner at SOSV and Managing Director of MOX, the Mobile Only Accelerator.
With a business model similar to China’s JD.com, PriceOye.pk is catering to Pakistan’s 210 million consumers by providing authentic, high-end products at low prices.
The company reports over 2 million monthly active users and 38% month-on-month growth as of August 2020. PriceOye.pk was co-founded by serial entrepreneurs Adnan Shaffi and Adeel Shaffi, who have previously launched and exited two tech startups.
“One of the biggest problems with online shopping in Pakistan is counterfeit products. PriceOye.pk is bringing transparency and trust to the online shopping experience, helping the 210 million Pakistani consumers seamlessly buy certified products at low prices. Our focus on customer happiness has made PriceOye.pk a leading eCommerce platform in Pakistan, and we look forward to going further with the support from SOSV,” said Adnan Shaffi, Co-founder and CEO of PriceOye.pk
The company said it will use the funds to expand its market share, continuing to serve the growing needs of Pakistani consumers in these challenging times. Pakistan has witnessed massive growth during COVID. The country now has 170 million mobile users, of which 81 million are connected to the internet, making it the 9th country with most number of mobile users in the world.
Recognized as the world’s most active investor in Q2’2020 by PitchBook and PwC, SOSV is among the few investors with increased investment activities despite the economic downturn.