Nigeria-based OmniRetail has secured a $20 million Series A equity round to scale its B2B commerce platform across Nigeria, Ghana, and Ivory Coast.
The company’s focus: combining technology, logistics, and embedded finance to digitize the region’s vast informal retail sector.
Driving the News
- The funding round was co-led by Norfund (marking its first direct African startup investment) and Timon Capital.
- Other investors include Ventures Platform, Aruwa Capital, Goodwell Investments (via Alitheia Capital), and Flour Mills of Nigeria.
- OmniRetail has raised a total of $38 million in equity and debt since its launch in 2019.
Why It Matters
VC interest in African B2B commerce startups has cooled recently, but OmniRetail’s profitability and disciplined growth model are bucking the trend.
- The company became EBITDA positive in 2023 and net profitable in 2024.
- OmniRetail supports over 150,000 informal retailers, partnering with 145 manufacturers and 5,800+ distributors.
Between the Lines
OmniRetail’s “network of networks” model aggregates third-party logistics partners and distributed warehousing — keeping operations asset-light and margins strong.
- Retailers use Omni’s app to order inventory, access credit, and make payments.
- OmniRetail’s BNPL product, Omnipay, disburses ₦19 billion (~$12 million) monthly in inventory financing with near-zero defaults.
State of Play
- OmniRetail processed over ₦1.3 trillion (~$810 million) in transactions last year.
- The acquisition of Traction Apps in 2024 bolstered its financial services stack, giving it full POS capabilities and deeper retailer insights.
Zoom Out
Unlike earlier B2B commerce startups that offered credit prematurely, OmniRetail waited until it achieved scale and robust transaction data before rolling out financial products.
- “The profitability journey was an outcome of our efficiency… Our ‘network of networks’ model is highly scalable,” said founder Deepankar Rustagi.
What’s Next
- Expand into new FMCG categories like personal care and cold storage.
- Upgrade credit underwriting tools and raise additional debt for inventory financing.
- Pursue strategic acquisitions to strengthen its market position.
What They’re Saying:
- “Embedded finance is one of the most transformative tools for small business growth in Africa,” — Cathrine Conradi, Norfund Investor Director.
- “OmniRetail has hit an inflection point in distribution, payments, and credit,” — Timon Capital
Source: Techcrunch
