OmniRetail, a Nigerian B2B e-commerce startup, has raised $20 million in a Series A funding round to fuel its expansion across West Africa.
The round was co-led by Norfund, marking the Norwegian fund’s first direct equity investment in an African startup, alongside Timon Capital. Other participants included Ventures Platform, Aruwa Capital, Goodwell Investments (via Alitheia Capital), and Flour Mills of Nigeria.
Founded in 2019 by Deepankar Rustagi, OmniRetail operates an asset-light platform that connects over 145 manufacturers and 5,800 distributors with more than 150,000 informal retailers across 12 cities in Nigeria, Ghana, and Ivory Coast. Through their mobile app, retailers can place inventory orders, access working capital, and make digital payments.
The company’s embedded finance service, OmniPay, has proven particularly successful, disbursing approximately ₦19 billion (about $12 million) in inventory financing monthly with minimal defaults. OmniRetail reported becoming EBITDA positive in 2023 and achieving net profitability in 2024.
With this latest investment, OmniRetail has raised a total of $38 million in equity and debt funding. The company plans to use the new capital to deepen its presence in existing markets, expand into new ones, and further develop its embedded financial services.
OmniRetail’s rapid growth and innovative model have positioned it as one of Africa’s fastest-growing companies in 2024, earning accolades from industry analysts and business publications.
“This investment validates our asset-light, technology-driven approach to transforming Africa’s FMCG sector during challenging economic times. Our team is ready to accelerate innovation that delivers real value to customers while reshaping industry standards.
This round is more than capital—it’s conviction. We’ve cracked the unit economics, we’ve built at scale, and now we’re laying down financial railroads around that network. This is not just about reach anymore—it’s about dominance and delivering cash flow at scale. Some of our next moves are laser-focused: a solid debt raise for inventory finance, strategic acquisitions, and a relentless profitable growth,” said Archit Bagaria, Head of Investments at OmniRetail.
