PriceOye.pk, Pakistan’s leading e-commerce platform, announced that it has raised an undisclosed amount of funding in its ongoing Pre Series A round led by the US-based venture capital fund SOSV.
Last year, the company announced its seed funding round led by Fatima Ventures.
“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 products price comparisons.
The company reports over 2 million monthly active users and 38% month-on-month growth as of August 2020.
Adnan Shaffi, Co-founder and CEO of PriceOye.pk said,
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.
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 the most number of mobile users in the world.