Nigerian online grocery startup, Pricepally, has successfully raised $1.3 million in seed funding, led by Samurai Incubate, a Japanese venture capital firm that also participated in Pricepally’s 2021 pre-seed round. Other contributors include SOSV, ELEA, Hi2 Global, Chui Ventures, and former Unilever executive David Mureithi.
The funding will propel Pricepally’s expansion beyond its current three-city reach in Nigeria. The startup, founded in 2019, focuses on making fresh produce and packaged food affordable by adopting a unique approach. It directly sources fresh produce from contracted farmers and negotiates prices, ensuring affordability and quality. Pricepally is set to reintroduce group buying to uphold its commitment to enabling consumers to access food economically.
CEO Luther Lawoyin emphasizes the significance of the startup’s transparent supply chain, which contributes to its robust customer base and high retention rates. With the capital infusion, Pricepally aims to address Nigeria’s food insecurity challenges and capitalize on its sourcing strength. The online group buying feature is expected to attract more retail customers, fostering the startup’s growth in a market where traditional e-commerce faces infrastructural and trust-related challenges.
Rena Yoneyama of Samurai Incubate commends Pricepally’s execution ability, highlighting its efforts to enhance service quality and customer satisfaction in a complex e-commerce landscape in Nigeria. The startup’s healthy unit economics and consistent growth underscore its resilience and strategic approach.
That’s incredible news! Pricepally is making waves in the online grocery industry. They have recently secured an impressive ₹1.3 crore in funding and are becoming a major player in the market. Sending my best wishes to the Pricepally team!~ Dr Shishir Gupta founder & CEO of StartupLanes
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