PriceOye, an Islamabad-headquartered ‘managed’ ecommerce marketplace that sells electronics, mainly mobile phones, in Pakistan, has hit $43 million in annualized sales, its co-founder Adnan Shaffi announced today.
“Thrilled to share that we’ve hit a significant milestone of crossing 3 billion rupees in sales over the last 3 months alone. This achievement is a testament to the loyalty of our customers and the dedication of our amazing team,” stated Adnan in a LinkedIn post.
Founded in 2015 by Adnan and his brother Adeel Shaffi, PriceOye started as a price comparison website, enabling users to compare prices of mobile phones and other electronics on different ecommerce marketplaces. A few years later, it pivoted into a ‘managed’ ecommerce marketplace, selling these products directly to consumers.
The startup today sells mobile phones, laptops, tablets, smart watches, and mobile phone accessories.
To tackle Pakistan’s low-trust issue, PriceOye offers users the option to open their parcels to verify the contents and ensure they receive the correct product with the seal of an authorized distributor. It also provides users with video proof of the item being packaged in their warehouse.
PriceOye’s website receives between 4 to 5 million monthly visits on website, making it the largest vertical ecommerce marketplace of the country.
Daraz, the Alibaba-owned ecommerce platform, which is the largest ecommerce player of the country receives 10 million monthly visits on its website (a large part of Daraz’s orders come from its mobile app though).
PriceOye raised $7.9 million in a seed round in 2022. The investment was led by Tinder Founder Justin Mateen’s venture capital firm JAM Fund. It also included participating from different other insitutional investors and high-profile angels; including Peter Thiel and Mercury’s Immad Akhund.
