OmniRetail founder Deepankar Rustagi has co-invested in the South African basketball team, Cape Town Tigers, alongside Silverback Holdings. Silverback Holdings, an investor in Rustagi’s eCommerce startup, has also partially exited its investment in the company, which was recently named Africa’s fastest-growing company by the Financial Times.
The divestment, Silverback’s ninth, returned five times the firm’s initial investment and follows its recent exit from Nigerian fintech LemFi.
“This 9th exit is another validation of our long-term strategy and reaffirms the exceptional calibre of entrepreneurs we support. Inevitably, Silverbacks’ crop of founders will be at the forefront of Africa’s next generation of global brands,” Ibrahim Sagna, Executive Chairman of Silverbacks Holdings, said in a statement.
Founded in 2019, Silverbacks Holdings is a Mauritius-based investment firm targeting high-growth opportunities in Africa’s tech, sports, entertainment, and creative economy. Its portfolio companies have a combined value of over $10 billion, with notable investments including Egyptian used car marketplace Sylndr, Nigerian fintech Flutterwave, and vehicle financing startup Moove.
According to the firm, its investments in Nigeria have delivered a 10.7x multiple on invested capital (MOIC) and an 81.5% internal rate of return (IRR) in under 2.8 years holding period on average, while exits in Egypt show a 9.7x MOIC and a 339% IRR in just 1.7 years holding period.
In co-investing in the Cape Town Tigers, Rustagi joins a growing list of founders in Africa backing sports ventures. Paystack CEO Shola Akinlade floated a football club – Sporting Lagos – before acquiring a 55% stake in Danish football club Aarhus Fremad. Vendease co-founders Olumide Fayankin and Gatumi Aliyu have also invested in a Nigerian sports team, Inter Lagos.
“Silverback has been a truly resourceful early investor and a consistent contributor to the growth of OmniRetail’s network. I’m excited to see them continue the journey with us, as I also have the pleasure to support their sports venture,” Rustagi commented.
