Nigeria-based B2B e-commerce startup Omnibiz has raised $15 million in a pre-series A round led by Timon Capital just a few months after securing $3 million.
Other investors include Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria, and Musha Ventures participating.
According to Omnibiz, the new funding ($5 million equity and $10 million debt) will be used to gain the loyalty of retail customers and drive its retention strategy. The company also intends to begin its regional expansion this month into cities it cited during its seed raise last year: Abidjan, Takoradi, Kumasi, and Accra.
Founded by Deepankar Rustagi in 2019, Omnibiz provides a unified B2B distribution platform powered by technology. It also provides a bookkeeping solution called MyStore app which helps retailers manage their customers and inventory and access BNPL services. The MyStore app, along with the primary Omnibiz Retail app, lets the company employ a holistic strategy to become the primary B2B operating system for retailers, enabling them with last-mile delivery, procurement, working capital, inventory management, and operational tools for tracking sales, cost, prices, and profit.
Omnibiz says its annual GMV is over $100 million and it expects to increase the number of daily active 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.
According to founder and CEO Deepankar Rustagi in an interview with Techcrunch, “We have expanded in terms of the number of retailers. We’ve expanded in cities, geographically, and we have improved the overall system; the retention of the retailer, even with growing competition, has been phenomenal. And I think that’s what equips us for the next race.”
Omnibiz is currently in 12 cities across Nigeria and has recently completed its first move into Ghana.
