ISLAMABAD: The E-commerce platform, PriceOye has announced that it raised six-figure funding in its ongoing pre-Series-A round led by a United States (US) based venture capital fund SOSV.
According to PriceOye Co-founder and Chief Executive Officer Adnan Shaffi, the investment raised is the first in its ongoing round and more investments will follow.
Adnan Shaffi further said PriceOye also declined to publicly share the funding target for the round.
PriceOye had earlier raised a $450,000 seed round investment in 2019 from Fatima Ventures, an Early Stage VC Fund that invests in Scalable Tech Companies.
PriceOye, the Islamabad-based e-commerce startup was co-founded by brothers Adnan Shaffi and Adeel Shaffi in 2015 to provide authentic, high-end products at low prices.
The startup claims to have over two million monthly active users on its website and 38 percent month-on-month growth as of August 2020.
SOSV General Partner William Bao Bean said, “Pakistani consumers are ready for a world-class online shopping experience, and PriceOye has proven itself to be the market leader thanks to the platform’s unbeatable prices and a seamless experience”.
“We’re grateful to back Adnan and Adeel as they go on to shape the future of the Pakistani economy,” he added.
Adnan Shaffi said, “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”.
“Our focus on customer happiness has made PriceOye a leading e-commerce platform in Pakistan, and we look forward to going further with the support from SOSV,” Adnan Shaffi added.
Pakistan has witnessed massive growth in e-commerce during the COVID-19 pandemic.
According to the statement from PriceOye, the country now has 170 million mobile users, of which 81 million are connected to the internet, making it the ninth country with the most number of mobile users in the world.