Nigerian B2B e-commerce platform Omnibiz has reportedly bagged a 15 million USD pre-Series A investment funding, TechCabal claims.
The raise, which saw participation from top companies such as Venture Platform, Lofty Inc., Musha Ventures, Chandaria Capital and Chapel Hill Denham, was led by Timon Capital and is structured into two branches: a 5 million USD equity and a 10 million USD debt investment deal.
CEO and co-founder of Omnibiz, Deepankar Rustagi, said the fund was raised as a result of constant motivation by investors and is geared at improving the company’s regional expansion plans, which are set to begin this month. Omnibiz has its official base in Lagos but is looking to explore other Nigerian cities, such as Ilorin, Asaba and Akure, where retail growth shows potential.
Aside from Nigeria, Omnibiz also has a presence in Ghana and aims at being the primary B2B retail platform in all 12 cities they operate in. The company specialises in providing a unified B2B distribution platform powered by fully integrated digitalisation. It helps retailers with a platform – MyStore app, which enables them to purchase and restock conveniently from over 200 product brands, such as Coca-Cola and Nestle.
With the investment driving its expansion plans, Omnibiz retains its aim to become the primary B2B operating system for informal retailers in these new cities by helping with last-mile delivery, procurement, working capital, inventory management, and operational tools for tracking sales, cost, prices, and profit.
Moreover, the company is unique in comparison to other similar platforms in that it digitises the entire retail network from end to end. This is an innovative way to cater for their lack of logistics fleets as they digitally connect distributors to useful logistic companies.
In a statement released TechCabal, Nikos Katsaounis, a partner at Timon Capital, said concerning the raise, “We invested in Omnibiz because we believe that it is solving a much-needed problem. The FMCG supply chain is fragmented, inefficient, and opaque. Omnibiz tackles all these problems and addresses them with an efficient software layer that provides much-needed data on this otherwise obscure market and supply chain.”