Nigerian buying platform Pricepally raises funding from GreenTec Capital Partners

Pricepally, the Nigerian buying platform, has secured an undisclosed investment from Germany’s GreenTec Capital Partners. Lagos-based Pricepally matches bulk buyers with farmers, manufacturers and wholesalers and offers 24-48 hour delivery on orders.

Pricepally launched in November 2019. It has seen a sharp uptick in business as a result of the COVID-19 pandemic and lockdown. Pricepally aims to cut out intermediaries in the supply chain to save consumers money by aggregating demand via a sharing model. This sharing model involves groups getting together to bulk buy. Pricepally also offers its platform to businesses.

Users log in to the Pricepally website or use its app. The “Pally button” allows consumers to split the cost of the item with other people at the point of sale. So a consumer pays a fraction of the total cost of, for example, a bulk order of rice. All orders are pre-paid. There is no cash on delivery option.

Pricepally has two modes of purchase – “Open Pally” and “Closed Pally”. Open Pally enables someone to buy and share any bulk item with people they know and the general public. The customer can share their purchase via WhatsApp and invite others to join their deal over the next 72 hours. Closed Pally still involves sharing details of a bulk purchasing deal, but the participants are known to one another and the details are kept private within the group.

The company markets itself as a way to build a sustainable food system for urban African cities. It will use the investment from GreenTec Capital Partners to build a stronger infrastructure to reach more Lagos residents and expand to other cities across Nigeria.