Reshaping Informal Retail: OmniRetail’s Ambitious Vision
Deepankar Rustagi’s OmniRetail has secured a significant $20 million Series A equity funding round to further its mission of revolutionizing informal retail in Nigeria and West Africa. This funding round, co-led by Norfund and Timon Capital, marks a crucial milestone for the company as it expands its presence in key African markets and deepens its focus on embedded finance products.
A Unique Approach to B2B Commerce
OmniRetail stands out in the B2B commerce space by digitizing order management for a vast network of manufacturers, distributors, and retailers across multiple cities in Nigeria, Ghana, and Ivory Coast. Through its innovative app, retailers can easily order inventory, access working capital, and make digital payments, streamlining the entire supply chain process.
With a strategic focus on efficiency and scalability, OmniRetail has achieved profitability through its asset-light model, becoming EBITDA positive in 2023 and net profitable in 2024. This success has been attributed to the company’s deep understanding of the FMCG retail ecosystem and its ability to leverage technology to optimize operations.
Driving Financial Inclusion and Efficiency
OmniRetail’s success lies in its ability to enhance transparency and efficiency in the FMCG value chain, ultimately driving financial inclusion and reducing inefficiencies. By offering additional services such as payments and buy-now-pay-later options, the company has been able to enhance its value proposition and cater to the evolving needs of its customers.
Through strategic acquisitions, like the purchase of Traction Apps, OmniRetail has further strengthened its position in the market, gaining access to critical payment capabilities and retailer-level sales data. This acquisition has allowed the company to offer tailored financial solutions and optimize its supply chain operations.
Future Growth and Expansion
With fresh capital infusion, OmniRetail is poised for further growth and expansion into new product categories and markets. The company plans to focus on upgrading its infrastructure, enhancing credit underwriting tools, and forging stronger partnerships with domestic debt providers to fuel its growth trajectory.
As OmniRetail continues on its path to reshape informal retail and drive economic growth in Africa, investors like Norfund and Timon Capital see the company as a pivotal player in the region’s transformation. With a solid foundation and a clear vision, OmniRetail is set to make a lasting impact on the African retail landscape.