Nigerian B2B e-commerce startup OmniRetail has raised US$20 million in Series A funding to help the company expand its footprint in West Africa.
Founded in 2019 by Deepankar Rustagi, OmniRetail is a B2B enablement company that provides the necessary digital infrastructure to tackle some of the most pressing challenges within Africa’s commerce value chain, particularly by addressing the needs of informal retailers.
Through its flagship platform, Omnibiz, and innovative tools like OmniPay and Mplify, OmniRetail equips retailers with essential resources and tools to procure products, build and access credit, and optimise their business for higher profitability and scale.
With over 150,000 small retailers across 12 cities, and 90 brands onboarded, the company is well-positioned to redefine the retail industry in the region.
OmniRetail kicked off its latest round fundraising with an undisclosed amount of funding from Goodwell investments in April 2024, and has now announced the close of its US$20 million Series A round.
The round was co-led by Norfund and Timon Capital, and will support the company’s growth in Nigeria, Ghana, and Ivory Coast. It will also bolster its embedded finance products and logistics infrastructure.
Other investors included Ventures Platform, Aruwa Capital, and Nigerian food company Flour Mills.
