The news
- OmniRetail has raised $20 million in Series A funding to expand its operations in Nigeria, Ghana, and Ivory Coast.
- The funding round was co-led by Norfund and Timon Capital, with participation from Ventures Platform, Aruwa Capital, Goodwell Investments, and Flour Mills of Nigeria.
- The company plans to enhance its embedded finance offerings and scale its logistics network. This move positions OmniRetail in direct competition with other B2B e-commerce platforms like TradeDepot and Wasoko, which completed a merger with MaxAB.
Nigerian B2B e-commerce startup OmniRetail has announced a $20 million Series A funding round aimed at expanding its footprint in West Africa. The investment, co-led by Norfund and Timon Capital, will support the company’s growth in Nigeria, Ghana, and Ivory Coast and bolster its embedded finance products and logistics infrastructure.
Founded in 2019 by Deepankar Rustagi, OmniRetail offers a platform that digitises order management for manufacturers and distributors, serving over 150,000 informal retailers across 12 cities.
Retailers use the app to order inventory, access working capital, and make digital payments. The company’s logistics network includes over 1,100 vehicles and 85 local logistics partners.
The new funding brings OmniRetail’s total raised to $38 million in equity and debt. The company plans to use the capital to deepen its presence in existing markets and explore new opportunities in West Africa.
OmniRetail’s expansion intensifies competition in Africa’s B2B e-commerce sector, where other players like TradeDepot and Wasoko are also vying for market share. TradeDepot, for instance, raised $110 million in 2021 to extend its ‘Buy-Now-Pay-Later’ services to retailers across Africa. Wasoko, formerly Sokowatch, secured $125 million in Series B funding in 2022 to expand its operations.
With its latest funding, OmniRetail aims to solidify its position in the market by enhancing its technology offerings and expanding its reach. The company’s focus on embedded finance and logistics infrastructure positions it to meet the evolving needs of the region’s retailers
As Africa’s B2B e-commerce landscape continues to evolve, OmniRetail’s growth strategy underscores the increasing importance of digital solutions in streamlining supply chains and supporting small retailers.
