Nigerian retail technology startup OmniRetail has emerged as one of Africa’s most promising commerce platforms, gaining global investor confidence with a significant $20 million Series A fundraise as it scales across West Africa. Nairametrics+1
Founded in 2019 by tech entrepreneur Deepankar Rustagi, OmniRetail targets the vast and fragmented informal retail sector — which, according to the United Nations Economic Commission for Africa, accounts for the majority of retail transactions across the continent. AVCA
📈 From Procurement to Profits: OmniRetail’s Business Model
OmniRetail builds digital infrastructure for business-to-business (B2B) commerce, connecting manufacturers, distributors and small retailers through technology and embedded finance. Its key product offerings include:
-
OmniBiz: Mobile and web platform where informal retailers order products, manage stock and access over 900 fast-moving consumer goods (FMCG) SKUs. OmniRetail
-
Mplify: A distribution-management solution that gives distributors real-time visibility into sales and inventory. StartupSeeker
-
OmniPay: Embedded finance service that facilitates digital payments and working capital — including Buy-Now-Pay-Later credit — with near-zero default rates. Tekedia
Retailers can order goods from their phones, have items delivered via a network of 1,100+ third-party logistics vehicles and access flexible credit to grow their businesses — a critical change in markets that have historically lacked digital supply-chain tools. Tekedia
📍 Strategic Expansion Across West Africa
The $20 million Series A, co-led by Norfund — marking its first direct equity investment into an African tech firm — and Lagos-based Timon Capital, will support OmniRetail’s expansion in Nigeria, Ghana and Côte d’Ivoire. Other participants in the round include Ventures Platform, Aruwa Capital, Goodwell Investments (via Alitheia Capital) and Flour Mills of Nigeria. Ecofin Agency
The startup has now raised about $38 million in total equity and debt since its inception. Nairametrics
📊 Turning Profitability into Growth
Unlike many African B2B e-commerce peers that struggled with cash burn and asset-heavy models, OmniRetail’s asset-light strategy and deep focus on operational efficiency helped it reach EBITDA positivity in 2023 and net profitability in 2024. Tekedia
In 2024 alone, the company processed more than ₦1.3 trillion (~$809 million) in transactions and grew revenue by around 40 % year-on-year — an impressive performance given the broader funding downturn impacting the sector. Ecofin Agency
🤖 AI and Data Tools Enhancing the Value Chain
OmniRetail has also rolled out AI-driven solutions to help brands and retailers with merchandising, product visibility and real-time shelf compliance tracking. Through its AI tools, retailers can upload shelf images via the OmniBiz app, enabling automatic product recognition and data-driven insights for manufacturers.
