Nigerian B2B E-Commerce Platform Omnibiz Raises $15M in Pre-Series A Funding Round

Nigerian B2B e-commerce and retail platform has just closed a $15 million pre-Series A round ($5 million equity and $10 million debt) led by Timon Capital with other VC firms such as Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria and Musha Ventures in participation.

Founded in 2019 by Deepankar Rustagi, Omnibiz connects fast-moving consumer goods (FCMGs) manufacturers to retailers by digitizing the supply chain stakeholders. Retailers can purchase and restock conveniently from over 200 product brands through the MyStore app, a bookkeeping solution for retailers to manage their customers and inventory. This app which was launched in November last year also allows retailers to access credit, buy-now-pay-later options, and other financial services.

When a retailer makes orders on the Omnibiz platform, the goods are requested from partner distributors (traditionally known to help with warehousing and transportation) who store goods on behalf of manufacturers. With Omnibiz, these distributors can focus solely on warehousing and pass on the responsibility of transporting goods to third-party logistics providers, who distribute orders to the retailers within 24 hours.

Omnibiz’s annual GMV of $130 million comes from these repeat retail customers. The company expects to increase the number of retailers on its platform to 10,000 next year. It also projects a 4x revenue increase for these retailers who connect with over 200 brands delivered by a network of more than 70 logistics partners on Omnibiz’s platform.

Currently present in over 12 cities in Ghana and Nigeria, Omnibiz also plans to use the new funds to begin further regional expansion to second-tier cities in Nigeria and Ghana as well as double down on winning the loyalty of retail customers and driving their retention.