Africa-Press – Botswana. OmniRetail, a Nigerian startup aiding informal retailers in digitizing their supply chains, has secured $20 million in Series A funding to expand its operations across West Africa.
The funds will be used to enhance operations in Nigeria, Ghana, and Côte d’Ivoire. OmniRetail also intends to expand its embedded finance tools, such as providing credit to small retailers.
The round was led by Norfund, marking its inaugural direct investment in an African startup, and Timon Capital, which had previously supported the company in 2022. Additional investors include Ventures Platform, Aruwa Capital, Goodwell Investments through Alitheia Capital, and Flour Mills of Nigeria.
In October 2024, OmniRetail acquired Traction Apps, a Nigerian fintech offering payment and retail tools for small businesses. This acquisition enhanced OmniRetail’s services for FMCG distributors and bolstered its technological capabilities.
The company raised $15 million in a pre-Series A round in 2022, supported by Timon Capital and other investors. With this latest funding round, OmniRetail has secured a total of approximately $38 million since its launch.
In 2024, OmniRetail achieved profitability, processing over 1,300 billion Naira ($808.7 million) in transactions and increasing its revenue by 40%. Its Buy Now Pay Later (BNPL) platform now disburses approximately 19 billion Naira in credit monthly.
Informal retailers play an important role in trade across sub-Saharan Africa but struggle with weak supply chains and limited access to credit. OmniRetail addresses these challenges by connecting them with manufacturers and distributors through a digital platform, supported by financial services, to enhance the efficiency of informal trade.
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