OmniRetail Secures $20 Million Series A to Accelerate West African Expansion
Summary
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 companys embedded finance service, OmniPay, has proven particularly successful, disbursing approximately 19 billion (about $12 million) in inventory financing monthly with minimal defaults. 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.OmniRetails rapid growth and innovative model have positioned it as one of Africas fastest-growing companies in 2024, earning accolades from industry analysts and business publications.This investment validates our asset-light, technology-driven approach to transforming Africas 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 capitalits conviction. 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.