Omnibiz, a Nigerian B2B e-commerce platform, has closed a $15M Pre-Series A round led by Timon Capital while Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria and Musha Ventures also participated in the round, structured as $5M equity and $10M debt.
The CEO and founder of Omnibiz, Deepankar Rustagi, claims that the business would use the cash to intensify its efforts to win the loyalty of retail consumers and to increase their retention.
Omnibiz, which was founded in 2019, has quickly developed into a top B2B e-commerce platform, providing over 200 brands to retailers in Nigeria and Ghana through a network of more than 70 logistics partners.
Beyond just giving retailers cheap wholesale pricing, Omnibiz also gives its retail clients the resources they need to boost sales and profitability. The efficacy of Omnibiz is demonstrated by the fact that repeat retail customers account for more than half of the company’s yearly GMV of $130M. Every day, more than 3,000 retailers use Omnibiz.
The business introduced the MyStore app in 2021 as an accounting tool for retailers to control their inventory, customers, and use BNPL services. Omnibiz forecasts a 4x increase in revenue for its retailers by implementing its comprehensive strategy to become the primary B2B operating system for retailers. This includes aiding with last-mile delivery, procurement, working capital, inventory management, and operational tools for tracking sales, cost, prices, and profit. This month, the business will start its regional expansion.
“We believe the smart informal retailer – not shopping 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 point to win their customers’ trust. This funding will allow us to quadruple the profitability of our retailers, build a scalable and profitable business, and take us one step closer to transforming African retail,” said Deepankar Rustagi, Omnibiz CEO and founder.
“We invested in Omnibiz because we believe that it is solving a much-needed problem,” said Nikos Katsaounis, Timon Capital Partner. “The FMCG supply chain is fragmented, inefficient, and opaque. Omnibiz tackles all these problems and addresses them with an efficient software layer that provides much-needed data on this otherwise obscure market and supply chain. Deepankar Rustagi is an excellent operating CEO.”
