OmniRetail, a leading Nigerian B2B e-commerce platform, has successfully closed its Series A funding round, securing $20 million to expand its footprint across West Africa. This significant investment highlights growing confidence in the company’s asset-light, technology-driven model, which aims to modernize the continent’s fragmented FMCG and informal retail sectors. In a challenging economic climate, OmniRetail’s achievement underscores both operational resilience and strategic ambition.
Backing from Global and Local Investors
The Series A round was co-led by Norfund, making its first direct equity investment in an African startup, alongside Timon Capital. Other notable participants included Ventures Platform, Aruwa Capital Management, Goodwell Investments, and Flour Mills of Nigeria, showcasing a strong mix of institutional support and local market expertise. This funding not only validates OmniRetail’s market positioning but also signals investor conviction in its long-term vision for dominance and sustainable cash flow.
A “Network of Networks” Driving Retail Innovation
Founded by Deepankar Rustagi in 2019, OmniRetail has built a unique "network of networks" model connecting over 150,000 retailers across Nigeria, Ghana, and Côte d’Ivoire. By integrating inventory supply, credit solutions, and logistics services, the company offers a comprehensive ecosystem that addresses the core pain points of Africa’s informal retail markets. This approach has enabled OmniRetail to deliver seamless service at scale, blending technology with on-the-ground market realities.
Omnipay: Embedded Finance at the Core
At the heart of OmniRetail’s operations lies Omnipay, the company’s embedded finance arm, which processed over NGN 1.3 trillion ($810 million) in transactions in 2024. Offering buy-now-pay-later inventory credit with near-zero defaults, Omnipay demonstrates the strength of deep merchant integration and robust underwriting processes. With NGN 19 billion ($12 million) in BNPL loans disbursed, OmniRetail is redefining financial inclusion for small and medium retailers across the region.
Profitability Amid B2B E-commerce Turbulence
Despite a wave of volatility in Africa’s B2B e-commerce space, OmniRetail reached EBITDA profitability in 2023 and net profitability by 2024. This financial turnaround was achieved through an asset-light model that leverages third-party logistics providers and distributed warehousing solutions.
Strategic Acquisitions and Future Growth Plans
In line with its growth strategy, OmniRetail recently acquired Nigeria’s Traction Apps, bolstering its payment infrastructure and granting unprecedented visibility into retailer-level sales data. This acquisition enhances OmniRetail’s ability to design more tailored financial products and optimize supply chain operations. The company’s next steps include a domestic debt raise to expand its growing loan book and potential strategic acquisitions across the retail, supply chain, and financial services sectors.
A Blueprint for Africa’s Retail Transformation
With $38 million raised in equity and debt to date, OmniRetail’s model is being seen increasingly as a blueprint for sustainable, tech-enabled retail transformation in Africa. The Series A funding will fuel expansion into new product categories like cold storage and home care while reinforcing its embedded credit and payment infrastructure. OmniRetail’s success reflects not just scale, but a profitable, technology-first approach to solving deep-rooted inefficiencies in Africa’s massive informal markets.
OmniRetail’s Series A raise marks more than just a financial milestone—it represents a bold statement of intent to dominate Africa’s retail and financial ecosystems. As Head of Investments Archit Bagaria emphasized, the company’s journey is now about building "financial railroads" that consolidate its market presence and maximize profitability. With a focus on operational excellence, strategic expansion, and customer-centric innovation, OmniRetail is poised to set new standards for Africa’s next generation of commerce.