OmniRetail, a business-to-business (B2B) commerce platform, has raised $20 million in Series A equity funding to expand its operations across Nigeria, Ghana, and Ivory Coast.
The funding round, announced by the company’s CEO, Deepankar Rustagi, mirrors OmniRetail’s ambitious plan to deepen its presence in West Africa and scale its embedded finance products.
The Series A round was co-led by Norwegian development finance institution Norfund and Lagos-based VC firm Timon Capital.
Other investors include Ventures Platform, Aruwa Capital, Goodwell Investments (via Alitheia Capital), and Flour Mills of Nigeria.
“This marks Norfund’s first direct equity investment in an African startup. This puts OmniRetail on a path to dominating in a segment where others have struggled to grow profitably,” Rustagi said.
The new funding brings OmniRetail’s total raised since its inception in 2019 to $38 million in equity and debt. The company plans to use the capital to deepen its presence in existing markets and explore new opportunities in West Africa.
OmniRetail’s business model
OmniRetail focuses on digitizing order management across the informal retail sector. The platform currently connects 145 manufacturers and more than 5,800 distributors to over 150,000 informal retailers operating across 12 cities in Nigeria, Ghana, and Ivory Coast.
- Retailers on the platform can order inventory, access working capital, and make digital payments through the OmniRetail app.
- Supporting this system is a network of over 1,100 third-party logistics vehicles and warehousing operations managed by 85 local logistics partners.
The company plans to enhance its embedded finance offerings and scale its logistics network. This move positions OmniRetail in direct competition with other B2B e-commerce platforms like TradeDepot and Wasoko, which completed a merger with MaxAB.
What you should know
OmniRetail acquired Nigeria-based merchant solution platform Traction Apps in 2024. The acquisition provides OmniRetail with full-stack payment capabilities, including POS terminals, Payment Solution Service Provider (PSSP) and Super Agent licenses, as well as access to retailer-level sales data.
With Traction Apps integrated into its operations, OmniRetail now has the ability to build a complete financial profile of retailers within its network, a move expected to deepen its control over the supply chain and strengthen its capacity to offer tailored financial services.
OmniRetail’s CEO, Deepankar Rustagi, explained that the company aims to maximize profits by controlling both the movement of goods and funds within the FMCG value chain, following a successful model used by international players and adapting it for the Nigerian market.
