LAHORE: E-commerce platform PriceOye on Saturday announced that it has raised six-figure funding in its ongoing pre Series-A round led by a United States (US) based venture capital fund SOSV.
The startup declined to share the exact amount with Profit and only claimed that the investment raised is the first in its ongoing round and more investments will follow. PriceOye also declined to publicly share the funding target for the round.
Profit independently tried to verify the size of the investment with the investor, SOSV. The venture capital fund also maintained confidentiality in respect of the size of the investment but confirmed to Profit in an email response that all the funds have been disbursed to PriceOye.
PriceOye had earlier raised a $450,000 seed round investment in 2019 from Fatima Ventures.
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 per cent month-on-month growth as of August 2020.
“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 seamless experience. We’re grateful to back Adnan and Adeel as they go on to shape the future of the Pakistani economy,” SOSV General Partner William Bao Bean said while commenting on the recent funding.
“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,” said PriceOye Co-founder and Chief Executive Officer Adnan Shaffi.
Pakistan has witnessed massive growth in e-commerce during the Covid-19 pandemic. According to the statement from the company, the country now has 170 million mobile users, of which 81 million are connected to the internet, making it the ninth country with most number of mobile users in the world.
PriceOye said that it will use the funds to expand its market share while continuing to serve the growing needs of Pakistani consumers in these challenging times.