Adnan Shaffi

co-founder of PriceOye

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Adnan Shaffi is the CEO and co-founder of PriceOye. Shaffi started his first company with a partner. He has said that a venture he ran with others started from a bedroom with a 2,000 rupee investment and quickly grew to a team of 12 people.

Early life and background

Shaffi was born in Karachi. He studied at PAF College in Karachi. His father was a businessman. Shaffi has said that he could not legally sign a contract and needed someone older than 18, and that his father stepped in. [1]

Education

Shaffi studied at Bahria University. He did an MBA over two years. He studied electronics engineering in the morning shift and computer science in the afternoon and evening shift. He has said that anyone who wants to work in Pakistan needs local context. [1]

Career

Shaffi started his first company with a partner. He has said that a venture he ran with others started from a bedroom with a 2,000 rupee investment and quickly grew to a team of 12 people. He has said that he was very data driven from the start. He also worked with his father in the family business for one year. [1]

PriceOye

Shaffi has said that PriceOye started a couple of weeks before Covid. He has said that it launched in March 2020 as a managed marketplace where only brands sell, and that it launched as a price comparison. He has described a pure marketplace as having a large counterfeit problem. [1]

Shaffi has said that all phones sold on PriceOye are PTA approved and carry a one-year official brand warranty. He has said that PriceOye developed a mechanism, and is working with the Pakistan Telecommunication Authority, so that a stolen product is blocked. [1]

PriceOye runs its own logistics in four cities and uses third-party couriers elsewhere. Shaffi has said that every PriceOye rider has a full health insurance plan and that 60% of PriceOye orders come from smaller cities. He has said that PriceOye offers open parcel delivery, where customers open the parcel at home, and that PriceOye designed its own packaging boxes. [1]

Shaffi has described PriceOye's real business as creating trust, not e-commerce. He has said that trust must be built and cannot be compromised, and that trust is PriceOye's laser focus. [1]

Shaffi has said that electronics is the most difficult category to get right. He has said that PriceOye will stay focused on electronics for five years, not become an everything store, and that the company wants to make PriceOye a verb for consumer electronics. He has said that PriceOye lets its data decide what customers need and that its data shows electronics buyers spend about two weeks before deciding. [1]

Fintech

Shaffi has said that PriceOye plans to focus on fintech over the next few years, and that its fintech focus is buy now, pay later. He has said that owning the customer needs a marketplace, then logistics, then fintech. He has also said that true social commerce can never exist before fintech. [1]

Funding and growth

PriceOye raised $450,000 from three companies. In 2022, PriceOye raised another round that was again oversubscribed. Shaffi has said that PriceOye raised its money at the end of 2022, after the 2021 funding wave. He has said that the company had technology and traction but was pre-revenue. [1]

Shaffi has said that PriceOye was not desperate for money when it raised its funding round. He has said that PriceOye had two term sheets with higher valuations than the one it accepted. He has said that some investors were not a cultural fit and could not help the company grow, only provide money. [1]

Shaffi has said that PriceOye is bottom-line profitable after tax and has been unit-economics positive since day one. He has said that the company needs time to grow and to grow sustainably. He has said that 60 million people visited PriceOye in the past 12 months and that it is the second most visited shopping website in Pakistan. He has also said that once a business is operations heavy, its cost is the same as that of its competitor in that country. [1]

Expansion

PriceOye has a team looking at Africa, based out of its Abu Dhabi office. It plans to enter the African market with a low-touch model. Shaffi has said that launching in Saudi or Dubai is harder and costlier than it looks from Pakistan, and that a founder cannot run two markets and stay present in both. [1]

Views

Shaffi has said that he is very bullish on Pakistan. He has said that inflation in Pakistan would be in a bad state once oil hits $80. He has said that one cannot grow in the industry without collaboration, and that they are trying to solve this by bringing a group of players together in a new company in which everyone has equity. [1]

Personal life

Shaffi holds only a Pakistani passport. He has said that he was offered citizenship of two countries and declined both to build PriceOye in Pakistan. He has said that after graduating, he never took a dime from his father. [1]

Timeline

2022
PriceOye raised another round that was again oversubscribed[1]

Appearances

DateTitleWhere
2025-09-17 Why PriceOye sells you a $500 phone before a $5 t-shirt Thought Behind Things

Frequently asked questions

Who is Adnan Shaffi?

Adnan Shaffi is a co-founder of PriceOye. He has said that PriceOye is the second largest e-commerce company in Pakistan. Shaffi was born in Karachi.[1]

What does Adnan Shaffi do?

Adnan Shaffi is a co-founder of PriceOye. He has said that PriceOye will stay focused on electronics for five years, not become an everything store. Shaffi has also said that PriceOye plans to focus on fintech over the next few years.[1]

Where did Adnan Shaffi study?

Adnan Shaffi studied at PAF College in Karachi and at Bahria University. He also did an MBA over two years. Shaffi studied electronics engineering in the morning shift and computer science in the afternoon and evening shift.[1]

Where is Adnan Shaffi from?

Adnan Shaffi was born in Karachi. He studied at PAF College in Karachi. Shaffi holds only a Pakistani passport.[1]

What company did Adnan Shaffi found?

Adnan Shaffi is a co-founder of PriceOye, which he says launched in March 2020 as a managed marketplace where only brands sell. He has also said that he started his first company with a partner. Shaffi has said that he and others sold a business in 2011 to a British private equity company.[1]

Is PriceOye profitable, according to Adnan Shaffi?

Adnan Shaffi has said that PriceOye is bottom-line profitable after tax. He has also said that PriceOye has been unit-economics positive since day one.[1]

Who invested in PriceOye, according to Adnan Shaffi?

Adnan Shaffi has said that PriceOye raised $450,000 from three companies. He has said that Peter Thiel came into a PriceOye funding round, his first investment in the country. Shaffi has also said that a Japanese venture capital firm joined a PriceOye funding round.[1]

References

  1. Why PriceOye sells you a $500 phone before a $5 t-shirt . Thought Behind Things , 2025-09-17.
Show the source passages (69 statements)
  1. Adnan Shaffi is co-founder of PriceOye. joined by Adnan Shaffi, Co-Founder of PriceOye
  2. Adnan Shaffi was born in Karachi. So, I was born in Karachi.
  3. He studied at PAF College in Karachi. studying in a school in the heart of Karachi called PAF College
  4. His father was a businessman. my father was a businessman. I think since start he was into business
  5. He says he could not legally sign a contract and needed someone older than 18, and his father stepped in. legally I can't sign a contract with you, I need someone you know older than 18 who who can do this and then obviously my father stepped in
  6. He studied at Bahria University. so I studied in Bahria University
  7. He studied electronics engineering in the morning shift and computer science in the afternoon and evening shift. In the morning shift, I was doing electronics engineering and in the afternoon evening shift, I was doing computer sciences
  8. He did an MBA over two years. So I went to KSBL for my MBA, did that for two years
  9. He says anyone who wants to work in Pakistan needs local context. Kyunki mujhe yeh tha ke agar Pakistan mein kaam karna hai to aapke paas local context hona bahut zaroori hai
  10. He started his first company with a partner. I started my first company again with Adeel called Chip Hazard
  11. He says a venture he ran with others started from a bedroom with a 2,000 rupee investment and quickly grew to a team of 12 people. Started from our bedroom with like a 2000 rupee investment you know and then it quickly grew to a team of 12 people
  12. He says he and others sold their business in 2011 to a British private equity company. we sold that business in 2011 to a British private equity company
  13. He says he was very data driven from the start. we were very data driven hamesha se
  14. He worked with his father in the family business for one year. come join the family business. So for one year I worked with him
  15. He says PriceOye launched in March 2020 as a managed marketplace where only brands sell. in March 2020, we started it as a managed marketplace where we only allow brands to sell on the platform
  16. He says all phones sold on PriceOye are PTA approved and carry a one-year official brand warranty. all the phones are PTA approved, have one year official brand warranty
  17. He says PriceOye's real business is creating trust, not e-commerce. we are not in the e-commerce business, we are in the business of creating trust
  18. He says trust must be built and cannot be compromised. aapko trust build karna hai aur aap usko compromise nahi kar sakte
  19. He says PriceOye launched as a price comparison. humne as a price comparison launch kiya
  20. He says electronics is the most difficult category to get right. it is the most difficult category to nail down
  21. He says PriceOye developed a mechanism, and is working with the Pakistan Telecommunication Authority, so that a stolen product is blocked. uh we have developed a mechanism and are working with Pakistan Telecommunication Authority ke agar aap product chori karenge toh woh product block ho jayega
  22. He says every PriceOye rider has a full health insurance plan. every single rider that we have has a full-fledged health insurance plan
  23. PriceOye runs its own logistics in four cities and uses third-party couriers elsewhere. four cities we have our own logistics aur baaki jagah pe hum third-party use karte hain
  24. He says 60% of PriceOye orders come from smaller cities. So 60% of our orders are from smaller cities
  25. He says PriceOye offers open parcel delivery, where customers open the parcel at home. which is called open parcel delivery. Toh jab aapke paas ghar pe parcel aata hai aapko trust nahi hai koi masla nahi hai, aap dabba kholein, aap product dekhein
  26. He says PriceOye plans to focus on fintech over the next few years. we really want to focus on uh FinTech in the next few years
  27. He says owning the customer needs a marketplace, then logistics, then fintech. which you need to complete to actually own the customer, which is uh a marketplace, followed by logistics and then FinTech
  28. He says PriceOye's fintech focus is buy now, pay later. So what we need are really focusing on is buy now, pay later
  29. He says one cannot grow in the industry without collaboration. baghair collaborate kiye, I think, industry mein aap grow nahi kar sakte
  30. He says they are trying to solve this by bringing a group of players together in a new company in which everyone has equity. we are trying to solve this by bringing all these guys together and creating a new company in which everyone has equity
  31. He says PriceOye raised its money at the end of 2022, after the 2021 funding wave. humne jo paise raise kiye, wo humne 2022 ke end mein kiye, jabki jo wave thi for funding, that was in 2021
  32. He says PriceOye is bottom-line profitable after tax. PriceOye is profitable, uh bottom line profitable after tax and everything, not EBITDA or anything like that
  33. He says PriceOye has been unit-economics positive since day one. day one se PriceOye has been unit economic positive
  34. He says the company needs time to grow and to grow sustainably. We need our time to grow and grow sustainably
  35. PriceOye raised $450,000 from three companies. we raised $450,000 from uh these three companies
  36. In 2022, PriceOye raised another round that was again oversubscribed. fast forward um to 2022, we raised another round that was again oversubscribed
  37. He says a Japanese venture capital firm joined a PriceOye funding round. we brought BNext in the round. So BNext is a one of the most well-respected Japanese VC
  38. He says Peter Thiel came into a PriceOye funding round, his first investment in the country. Peter Thiel coming in the round, his first investment in the country
  39. He says the family offices that came on board are some of the best family offices in the country. the family offices we got on board are some of the best family offices in the country
  40. He says PriceOye was not desperate for money when it raised its funding round. we were not desperate for money when we raised our funding round
  41. He says PriceOye had two term sheets with higher valuations than the one it accepted. we had two term sheets which gave us a higher valuation than what we had accepted
  42. He says some investors were not a cultural fit and could not help the company grow, only provide money. wo cultural fit nahi hai, wahan pe hamari synergies utni nahi ban rahi, they can't help us grow, that would be just money
  43. He says PriceOye handles about 5% of Pakistan's smartphone market. we are moving 5% of the entire smartphone market in Pakistan
  44. He says PriceOye is now the second largest e-commerce company in Pakistan. now the second largest e-commerce company in the country
  45. He says PriceOye is the second most visited shopping website in Pakistan. we are the second most visited shopping website as well
  46. He says 60 million people visited PriceOye in the past 12 months. pichle 12 mahine mein 60 million logon ne PriceO ko visit kiya hai
  47. He says PriceOye started a couple of weeks before Covid. we started before Covid. A couple of weeks before Covid
  48. He says that once a business is operations heavy, its cost is the same as that of its competitor in that country. once your operation heavy, your cost would be the same as your competitor in that country
  49. He says the company wants to make PriceOye a verb for consumer electronics. we want to make PriceOye a verb for consumer electronics
  50. He says PriceOye will stay focused on electronics for five years, not become an everything store. abhi for the next five years we don't want to be an everything store
  51. He says PriceOye's data shows electronics buyers spend about two weeks before deciding. you spend about two weeks uh you know as per our data before making a decision
  52. He says trust is PriceOye's laser focus. trust is one thing that we are really laser focused on
  53. He says PriceOye lets its data decide what customers need. so instead of doing what we think is right, we let the data tell us what's right
  54. He says PriceOye designed its own packaging boxes. yeh humne khud design kiye boxes
  55. He says inflation in Pakistan would be in a bad state once oil hits $80. the moment oil hits $80 mark, Pakistan mein inflation ka bura haal hoga
  56. He says launching in Saudi or Dubai is harder and costlier than it looks from Pakistan. launching in Saudi or Dubai is more difficult and expensive than it looks from sitting in Pakistan
  57. He says a founder cannot run two markets and stay present in both. as a founder, you cannot launch two markets and uh you know, not be there
  58. PriceOye has a team looking at Africa, based out of its Abu Dhabi office. we have a team that's looking at Africa right now, um based out of our Abu Dhabi office
  59. PriceOye plans to enter the African market with a low-touch model. we want to launch in the African market with a low touch model
  60. He holds only a Pakistani passport. I do only have one passport, that is the Pakistani passport
  61. He says he was offered citizenship of two countries and declined both to build PriceOye in Pakistan. I was offered a nationality of two countries, uh but I declined both of them because I wanted to build PriceOye in Pakistan
  62. He says he is very bullish on Pakistan. So I'm very bullish on Pakistan
  63. He says that after graduating, he never took a dime from his father. we never took a dime uh after we graduated from our dad
  64. He says true social commerce can never exist before fintech. true social commerce kabhi bhi exist nahi kar sakta before fintech
  65. He says what happened in India appeared in Indonesia with a two to three year lag and in Pakistan with a seven year lag. whatever was happening in India with a two to three year lag, the same phenomena was happening in Indonesia. And with a seven year lag, the same thing was popping up in Pakistan
  66. He says he and others plotted around 1,300 startups on a timeline. we plotted around 1300 startups on a timeline
  67. He says he and others went to China twice and did over a thousand interviews on each trip. So we went to China twice and in each trip we did over like a thousand interviews
  68. He says a pure marketplace has a large counterfeit problem. counterfeit ka bahut bada problem hai because woh ek pure marketplace hai
  69. He says the company had technology and traction but was pre-revenue. we had technology, we had traction, but we were pre-revenue