Nigeria-based Pricepally has launched a group-buying platform that aggregates consumer food demand in urban cities and matches it with supplies directly from farmers and wholesalers.
Pricepally, which launched in November 2019, aims to cut out middlemen by leveraging technology to aggregate demand via a sharing model. This subsequently saves the consumers’ money.
How does it work? Users log in to the Pricepally website or apps to purchase foods or arrange shared purchases.
The items sold by Pricepally are bought off local farmers and wholesalers, and are then divided and shipped to each individual customer or a group.
Pricepally co-founder Luther Lawoyin, said, “The idea came up late last year. After three months of data gathering of my family expenses by my wife, we discovered we spent over half of our income on food monthly.”
“More research made us understand how much of a huge problem this was across Africa and other developing nations. We decided to solve this problem by buying in bulk with other families, which helped to reduce our monthly spend by as much as 25 per cent. After this advantage was proven, we decided to add the technology layer to improve it and be able to serve more people.”
Pricepally is currently available to customers in Lagos.
The startup took part in various startup programmes, among them: the 2020 MIT venture scaling bootcamp and the Ayadalab programme run by the French and German governments. The programmes have helped the startup to structure its business model.
Lawoyin said, “The growth rate per day is north of 60 per cent, and we are bombarded with enquiries and interest every day. We have been getting a lot of useful feedback in improving the product.”
He added, “We are looking to open in other cities in Nigeria within a year of operation, and to expand to other urban African cities in the coming year.”
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