Nigerian B2B e-commerce platform Omnibiz secures $15m pre-Series A

According to Deepankar Rustagi, CEO and Founder of Omnibiz, the company will use the funding to double down on its efforts to retain retail customers and boost their retention.

Founded in 2019, Omnibiz has quickly grown to become a leading B2B e-commerce platform, connecting retailers in Nigeria and Ghana to over 200 brands supplied by a network of over 70 logistics partners. Beyond simply offering great wholesale pricing to retailers, Omnibiz provides its retail customers with the tools to increase their revenue and profitability. Omnibiz’s efficiency is reflected in the fact that more than half of the company’s $130 million annual GMV comes from regular retail customers. Over 3,000 merchants use Omnibiz every day.

In 2021, the company launched the MyStore app, an accounting solution for retailers to manage their customers and inventory as well as access BNPL services. Using its holistic strategy to become the leading B2B operating system for retailers – helping with last mile delivery, sourcing, working capital, inventory management and operational tools to track sales, costs, prices and profits – Omnibiz forecasts a 4x increase in revenues for its retailers. The company will begin its regional expansion this month.

“We believe that smart informal retailing – not malls – is the future of modern retail in Africa. By providing the capital, tools and logistics, we will enable retailers to offer great merchandising at an affordable price to earn the trust of their customers. This funding will allow us to quadruple the profitability of our retailers, build a scalable and profitable business and get closer to transforming African retail,” said Deepankar Rustagi, CEO and Founder of Omnibiz.

“We invested in Omnibiz because we believe it solves a much-needed problem,” said Nikos Katsaounis, partner at Timon Capital. “The FMCG supply chain is fragmented, inefficient and opaque. Omnibiz tackles all of these issues and solves them with an effective software layer that provides much-needed data in this otherwise murky market and supply chain. Deepankar Rustagi is an excellent operational CEO.

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