OmniRetail, a Nigerian startup focused on transforming informal retail in West Africa, has secured $20 million in Series A funding. The round was co-led by Norfund making its first direct equity investment in an African startup and Timon Capital.
Other notable participants include Ventures Platform, Aruwa Capital Management, Goodwell Investments, and Flour Mills of Nigeria. This funding will enable OmniRetail to expand its geographic footprint, diversify its product offerings, and scale its embedded financial services.
OmniRetail
Founded in 2019 by Deepankar Rustagi, OmniRetail operates a digital platform that connects small retailers to inventory, credit, and logistics services. Its “network of networks” model has already integrated over 150,000 retailers across Nigeria, Ghana, and Côte d’Ivoire. Through its fintech arm, Omnipay, the company processed ₦1.3 trillion (approximately $810 million) in transactions during 2024. With a BNPL (Buy-Now-Pay-Later) program that disburses ₦19 billion ($12 million) in inventory credit and maintains near-zero defaults, OmniRetail is proving the value of deep merchant integration and data-driven lending.
Despite volatility in Africa’s B2B e-commerce space, OmniRetail achieved profitability in 2023 and became net profitable in 2024. The company’s asset-light strategy—built around third-party logistics and distributed warehousing—has played a critical role in sustaining its growth while keeping costs low. The recent acquisition of Traction Apps further strengthens OmniRetail’s position by providing real-time sales data from retailers, allowing it to tailor financial products with greater accuracy.
Looking ahead, the startup plans to expand into new markets and product categories such as cold storage and home care. It also aims to boost its credit and payments infrastructure while exploring strategic acquisitions in supply chain, retail, and fintech. With $38 million raised to date in equity and debt, OmniRetail is positioning itself as a model for scalable, tech-enabled retail solutions in Africa’s vast informal economy.