Pakistani startup PriceOye has raised $7.9 million from various investors, including Peter Thiel, to enhance its managed marketplace for electronics, targeting significant growth in the burgeoning e-commerce landscape of Pakistan.

Overview of the Target

PriceOye is a Pakistani startup that has drawn inspiration from established players such as JD.com in China and Flipkart in India, aiming to create a managed marketplace for electronic products. The company has successfully raised a total of $7.9 million from a diverse set of investors, marking a significant milestone in its journey. Notably, this funding round saw an investment from Peter Thiel, co-founder of PayPal, making it his first foray into the Pakistani market.

Under the leadership of co-founder and CEO Adnan Shaffi, PriceOye has managed to attract 45 million unique users over the past two years, which accounts for approximately 37.5% of Pakistan's total internet user base. The startup's success is further illustrated by the fact that 35% of its orders come from tier-two and tier-three cities, highlighting its expansive reach and customer appeal.

Industry Overview in Pakistan

The e-commerce landscape in Pakistan is rapidly evolving, driven by increasing internet penetration and a growing young population that is becoming more tech-savvy. The country has seen a substantial r