With the rise of eCommerce and the increasing digitization of businesses, OmniRetail is facing stiff competition from other B2B eCommerce platforms looking to tap into the informal retail market in West Africa. However, with this new injection of $20 million in funding, OmniRetail is well-positioned to expand its operations and solidify its position in the market.
The co-leaders of this funding round, Norfund and Timon Capital, have shown confidence in OmniRetail’s business model and potential for growth. Ventures Platform, Aruwa Capital, Goodwell Investments, and Flour Mills of Nigeria also joining in on the investment further validates the potential of OmniRetail in the B2B eCommerce space.
Founded by Deepankar Rustagi in 2019, OmniRetail has quickly established itself as a key player in helping manufacturers and distributors digitize their operations and reach informal retailers across Nigeria, Ghana, and Ivory Coast. With over 150,000 retailers already using the platform in 12 cities, OmniRetail is making a significant impact on the retail landscape in West Africa.
One of the key features of OmniRetail’s platform is its embedded finance offerings, which allow retailers to access loans and make digital payments seamlessly. This, coupled with their logistics network of over 1,100 vehicles and 85 local logistics partners, makes OmniRetail a one-stop solution for retailers looking to streamline their operations and grow their businesses.
As OmniRetail looks to deepen its footprint in existing markets and explore new opportunities across West Africa, the company is poised for further growth and success. With a strong focus on customer service and innovation, OmniRetail is set to revolutionize the B2B eCommerce space in the region and empower retailers to thrive in the digital age.
Overall, OmniRetail’s $20 million Series A funding round marks a significant milestone for the company and signals its commitment to driving positive change in the informal retail sector in West Africa. With a solid foundation, a strong investor backing, and a clear vision for the future, OmniRetail is on track to become a leader in the B2B eCommerce space in the region. OmniRetail is making waves in the African B2B e-commerce space as it goes head-to-head with industry giants like TradeDepot and Wasoko. While TradeDepot secured a massive $110 million in funding in 2021, Wasoko took it a step further by raising $125 million in 2022 and merging with Egyptian B2B player MaxAB to solidify its market dominance.
However, OmniRetail is not backing down from the competition. With a robust tech stack and a solid logistics infrastructure, the company is determined to carve out a larger share of the market. Their focus is on empowering informal retailers by providing them with better access to goods, financial services, and digital tools.
In a fast-growing industry where innovation is key, OmniRetail is positioning itself as a leader in the B2B e-commerce sector. By leveraging technology and logistics to streamline operations and improve efficiency, the company is set to revolutionize the way business is done in Africa.
As the competition heats up, it will be interesting to see how OmniRetail continues to differentiate itself and capture the attention of both retailers and investors. With a clear vision and a strong commitment to empowering small businesses, OmniRetail is well-positioned to make a significant impact in the African B2B e-commerce landscape.
