OmniRetail Surpasses Competition to Top FT Africa’s Fastest Growing Companies Chart
What’s this about?
- OmniRetail, a Nigerian B2B e-commerce startup, clinches the top spot as Africa’s fastest-growing company, with a remarkable revenue growth of 772.39% in 2022 to $139.8 million.
- Mauritian Kyosk Digital, a B2B platform that connects retailers to FMCG manufacturers, was ranked second at 647.37% CAGR, while South African employment services firm Resourgenix Pty Ltd was ranked third at 542.65%.
- The shift in dominance towards B2B startups, particularly in e-commerce, signals a growing trend of models revolutionizing retail distribution across the continent, as highlighted in this year’s FT ranking.
Zoom in…
Nigeria’s OmniRetail, a B2B e-commerce startup, is the fastest-growing company in Africa, according to the Financial Times ranking of the fastest-growing companies in Africa. This year’s list which is the third edition, ranks companies according to cumulative annual growth revenue and is dominated by South African and Nigerian firms.
OmniRetail, established in 2019, achieved a remarkable 772.39% growth in revenues in 2022, reaching $139.8 million. Following closely, Mauritian Kyosk Digital, a B2B platform connecting retailers to FMCG manufacturers, secured the second spot with a 647.37% CAGR, while South African employment services firm Resourgenix Pty Ltd stood third at 542.65%. These companies reported revenues of $155 million and $33 million, respectively.
Notably, Moniepoint, a major Nigerian payment startup, and commodities brokerage Afex Commodities Exchange rounded out the top five with revenues of $149 million and $415 million, respectively.
Out of the 125 companies featured on this year’s list, 42 were from South Africa, 25 from Nigeria, and 12 each from Kenya and Morocco. The dominance of B2B startups in this year’s list reflects the growing influence of disruptive retail distribution models on the continent.
Additionally, the FT noted a wider representation of companies in this year’s ranking, signalling a shift from the previous lists that were largely dominated by countries with the highest startup funding, such as South Africa, Nigeria, and Kenya.
Source: techcabal.com
