OmniRetail, a B2B e-commerce platform founded by Deepankar Rustagi, has recently secured a $20 million Series A equity funding round to further its mission of reshaping informal retail across Nigeria and West Africa. This funding round was co-led by Norfund and Timon Capital, with participation from other investors such as Ventures Platform, Aruwa Capital, Goodwell Investments, and Flour Mills of Nigeria.
The company’s digitized order management system serves 145 manufacturers, over 5,800 distributors, and more than 150,000 informal retailers across 12 cities in Nigeria, Ghana, and Ivory Coast. Retailers use the app to order inventory, access working capital, and make digital payments, while a network of over 1,100 vehicles and 85 local logistics partners ensures efficient delivery.
OmniRetail’s asset-light strategy has proven successful, with the platform becoming EBITDA positive in 2023 and net profitable in 2024. By focusing on optimizing efficiency and leveraging their network of assets, the company has achieved profitability while expanding its reach.
With the acquisition of Traction Apps in 2024, OmniRetail gained full-stack payment capabilities and access to retailer-level sales data, further strengthening its position in the market. The company’s BNPL product, Omnipay, has been successful in disbursing inventory credit with minimal defaults.
Looking ahead, OmniRetail plans to continue growing its retailer base and expanding into new product categories like personal care, home care, and cold storage. The company will also focus on upgrading its infrastructure, enhancing credit underwriting tools, and strengthening partnerships with domestic debt providers.
For Norfund and Timon Capital, OmniRetail represents not just a fintech or commerce bet, but an investment in infrastructure that brings capital to underserved areas and drives small business growth in Africa. The company’s success in distribution, payments, and credit has positioned it for profitable growth and further expansion in the region.
Overall, OmniRetail’s innovative approach to B2B e-commerce and embedded finance has set it apart in the market, paving the way for continued success and impact in the African retail sector.
