OmniRetail shakes up Africa’s B2B e-commerce market with $20M Series A

When Deepankar Rustagi last raised money for OmniRetail in 2022, excitement was high for African startups addressing the supply chain and operational challenges in the fast-moving consumer goods (FMCG) sector. At one point, these startups received more capital than all sectors, except fintech. Recently, though, the industry’s enthusiasm and venture capital’s interest have faded, as various business models have struggled under mounting pressure. Yet for Rustagi, OmniRetail isn’t just another B2B commerce platform; it’s an ambitious effort to reshape informal retail across Nigeria and West Africa using technology and embedded finance in a scalable, profitable way. Now, that vision has received further endorsement with a $20 million Series A equity funding round. This capital will help OmniRetail expand its presence in Nigeria, Ghana, and Ivory Coast, while deepening its focus on embedded finance products. The round was co-led by Norwegian development finance institution Norfund and La ... Read full article.