OmniRetail, a Nigeria-based start-up aiming to digitise traditional e-commerce through its suite of software products, has raised $20 million in series A equity funding round to transform informal retail in Nigeria and across Africa.
The funding round was co-led by Norfund and Timon Capital, with participation from ventures platform, Aruwa Capital, Goodwell Investments, and Flour Mills of Nigeria.
OmniRetail will use the capital to fuel regional expansion and enhance its embedded finance offerings. The new funding will also expand OmniRetail’s retailer base, introduce product categories like personal care and cold storage, and upgrade infrastructure and credit underwriting tools.
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Also, the company plans to include a debt raise for inventory financing and strategic acquisitions to support its mission, building Africa’s largest profitable retailer network, simplifying the distribution and retailing of essential goods continent-wide.
Founded in 2019 by Deepankar Rustagi, OmniRetail digitizes the FMCG supply chain, serving 145 manufacturers, 5,800 distributors, and over 150,000 retailers across 12 cities. Its flagship app, OmniBiz, launched in 2020, enables retailers to order inventory, access working capital, and make digital payments, supported by a network of 1,100+ vehicles and 85 local logistics partners.
Complementary products include Amplify, a distributor-focused app, and OmniPay, an embedded finance platform processing $95 million monthly and disbursing $4 million in loans with a non-performing loan ratio below 0.5%. OmniRetail’s asset-light model has driven profitability, achieving EBITDA positivity in 2023 and net profitability in 2024.
In October 2024, OmniRetail purchased Traction Apps, a business payments platform based in Lagos, to bolster its point of sale (POS) and inventory management services for African SMEs. Traction provides full-stack payment capabilities, including POS terminals, PSSP and Super Agent licenses, and access to retailer-level sales data.
Announcing the deal, the company said the acquisition was to strengthen support for retailers, distributors, and manufacturers. For OmniRetail, the purchase allows it to gain a complete financial profile of each retailer, giving it even greater control over the supply chain and the ability to offer tailored financial solutions.
CEO Rustagi and Head of Investment Archit Bagaria attribute OmniRetail’s success to its deep understanding of the FMCG ecosystem. “The lack of transparency in retail has long hindered financial inclusion and efficiency,” Bagaria told TechCrunch. “Our ecosystem streamlines the value chain, addressing these gaps.”
Notably, OmniRetail’s asset-light strategy has been important in hitting profitability. In 2023, the Lagos-based B2B e-commerce platform became EBITDA positive. In 2024, it turned net profitable. OmniRetail’s model digitizes order management for 145 manufacturers, more than 5,800 distributors and services over 150,000 informal retailers across 12 cities in Nigeria, Ghana and Ivory Coast.
In November 2024, OmniRetail launched its 50th OmniHub franchise in Lagos, aimed at bridging supply chain gaps and boosting the distribution of fast-moving consumer goods across underserved Nigerian communities.
CEO Deepankar Rustagi highlighted the significance of the company’s expansion, describing it as a vital step in its mission to reshape FMCG distribution across Africa.
In the same month, the company unveiled its AI-powered micro fulfillment center, dubbed “OmniHub Franchise”, across Southwest Nigeria. With AI-powered predictive procurement, OmniHub offers manufacturers and our partners real-time visibility into inventory, optimized stock levels, and better product availability, which in turn reduces stockouts and improves supply chain efficiency.
This cutting-edge solution, according to the company, will help drive business growth while addressing critical challenges in the distribution landscape. OmniRetail mission is to build the largest profitable network of retailers in Africa, simplifying distribution and retaining of essential goods in Africa.