Nigerian E-Commerce Platform Omnibiz Raises $15M To Modernize African Retail
Nigerian B2B e-commerce platform Omnibiz has secured $15 million in pre-series A funding.
The funding round, led by Timon Capital, included Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria, and Musha Ventures.
Omnibiz, founded by Deepankar Rustagi, is a distribution platform that works to create a more revolutionized approach to distribution.
The platform aims to completely change how the retail ecosystem in developing markets operates by eliminating the disorganization of traditional trading and digitizing the retail chain.
“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,” said Deepankar Rustagi, Omnibiz CEO and founder.
“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.”
Not only has Omnibiz helped connect retailers across Nigeria and Ghana with over 100 brands, and it has also helped bring critical stakeholders to one platform through the power of technology.
According to the platform, Omnibox has become the primary app for over 3,000 distributors operating in the West African region by simplifying the distribution process. Last year, the platform launched a new app to help retailers manage their inventory through short-time Buy Now Pay Later (BNPL) finances, which proved to be hugely successful amongst smaller independent retailers.
To date, the platform has provided thousands of distributors with a more straightforward solution to buying many products through one single app. Omnibox aims to use the additional funding to kickstart its regional expansion and reach a wider audience.