{"id":1851,"date":"2023-08-25T11:46:13","date_gmt":"2023-08-25T06:46:13","guid":{"rendered":"https:\/\/priceoye.pk\/blog\/?p=1851"},"modified":"2023-08-25T11:46:14","modified_gmt":"2023-08-25T06:46:14","slug":"peter-thiel-backs-electronics-marketplace-priceoye-in-maiden-pakistan-investment","status":"publish","type":"post","link":"https:\/\/priceoye.pk\/blog\/peter-thiel-backs-electronics-marketplace-priceoye-in-maiden-pakistan-investment\/","title":{"rendered":"<strong>Peter Thiel backs electronics marketplace PriceOye in maiden Pakistan investment<\/strong>"},"content":{"rendered":"\n<p>A Pakistani startup, which has taken inspiration from China\u2019s JD.com and India\u2019s Flipkart to build a managed marketplace of electronics products, said on Tuesday it has raised seed funding from scores of investors, including PayPal founder Peter Thiel.<\/p>\n\n\n\n<p>Launched in March 2020 \u2014 just two weeks before the COVID-19 pandemic ravaged the world \u2014 the Islamabad-based startup <a href=\"https:\/\/priceoye.pk\/\">PriceOye<\/a> offers a range of electronics products, including smartphones, TVs and home appliances.<\/p>\n\n\n\n<p>Its seed funding round was led by JAM Fund, a venture capital firm by Tinder founder Justin Mateen. The institutional funding round also included participation of Beenext, DG Daiwa, Mantis VC, HOF Capital, Jet.com investor Palm Drive Capital and Atlas Ventures, among others. Angels including Thiel, Immad Akhund of Mercury Bank and Asif Keshodia of Souq also participated in the round \u2014 alongside previous investors Fatima Gobi Ventures, SOSV and Artistic Ventures. This is Thiel\u2019s maiden investment in Pakistan.<\/p>\n\n\n\n<p>PriceOye has served 45 million unique users in Pakistan in the last two years, covering 37.5% of the country\u2019s total internet user base, Adnan Shaffi, co-founder and CEO of the startup, told TechCrunch in an interview.<\/p>\n\n\n\n<p>\u201cWe are the second most visited shopping website in the entire country, with over two and a half million monthly active users coming on the platform, doing research using our product recommendation engine, and then getting to know about different products,\u201d he said.<\/p>\n\n\n\n<p>After exiting two startups, Adan and his brother Adeel Shaffi got the idea of launching PriceOye when they were doing \u201ca lot of island hopping\u201d in Southeast Asia. The duo looked at several startups in Indonesia and India and found the Asian markets were seeing similar consumer internet trends play out \u2014 just at a different pace. They built a thesis that Pakistan will see similar adoption of consumer internet services in the next four to five years.<\/p>\n\n\n\n<p>That\u2019s the genesis of PriceOye.<\/p>\n\n\n\n<p>The duo decided to go with the managed marketplace model, where only brands and their official representatives are allowed to sell products, to limit the instances of common frauds and errors that have proven to be painful to traditional online marketplaces, Adnan said.<\/p>\n\n\n\n<p>\u201cWe realized that in a market, where trust is one of the biggest factors, and there\u2019s a lot of trust deficit between the consumer and the brand, the only way a marketplace can work is the managed marketplace model, which originally started out of China from JD.com, then replicated by Flipkart, and a lot of other players in Southeast Asia,\u201d Adnan said.<\/p>\n\n\n\n<p>PriceOye sees 30% repeat users of its entire customer base who visit the platform regularly to purchase consumer electronics goods. The startup also claims to sell four smartphones to a single user per year on an average.<\/p>\n\n\n\n<p>It is the largest online platform for selling mobile phones and accessories in Pakistan, claimed Adnan, adding that 35% of its overall orders come from tier-two and tier-three cities across the country.<\/p>\n\n\n\n<p>\u201cWithin a short period of time, PriceOye has grown exponentially and has cemented its position as the leading national company in online consumer electronics. We are excited to join PriceOye in its mission towards changing the way people shop in Pakistan,\u201d said Mantis VC founder and partner Alex Pall, in a prepared statement.<\/p>\n\n\n\n<p>PriceOye is looking to deploy the fresh funding to expand its 97-member team by hiring new talent. It\u2019s also planning to bring its platform closer to people in the country by starting offline experience centers \u2014 beginning with three centers in high-end shopping malls across Islamabad, Karachi and Lahore. More new products and categories are also in the pipeline for the eponymous platform.<\/p>\n\n\n\n<p>Before the latest round, PriceOye had raised $450,000 in pre-seed funding from Fatima Gobi Ventures, Artistic Ventures and SOSV.<\/p>\n\n\n\n<p>\u201cIt\u2019s always a difficult choice for consumers to spend big amounts of money on high-value products while being unsure about their authenticity. I was inspired by the vision of PriceOye founders Adnan and Adeel of creating transparency and bringing convenience to customers when it comes to shopping for consumer electronics,\u201d said Seamon Chan, managing partner of Palm Drive Capital, in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Pakistani startup, which has taken inspiration from China\u2019s JD.com and India\u2019s Flipkart to build a managed marketplace of electronics products, said on Tuesday it has raised seed funding from scores of investors, including PayPal founder Peter Thiel. Launched in March 2020 \u2014 just two weeks before the COVID-19 pandemic ravaged the world \u2014 the [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Peter Thiel backs electronics marketplace PriceOye in maiden Pakistan investment - Priceoye Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/priceoye.pk\/blog\/peter-thiel-backs-electronics-marketplace-priceoye-in-maiden-pakistan-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peter Thiel backs electronics marketplace PriceOye in maiden Pakistan investment - Priceoye Blog\" \/>\n<meta property=\"og:description\" content=\"A Pakistani startup, which has taken inspiration from China\u2019s JD.com and India\u2019s Flipkart to build a managed marketplace of electronics products, said on Tuesday it has raised seed funding from scores of investors, including PayPal founder Peter Thiel. 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