BACKGROUND
OMNIRetail – Africa’s fastest growing company by the Financial Times in 2024. It has 3 products/services. Omnibiz for retailers, Mplify for distributors, Omnipay (financial arm) . In 2023 the company processed $810 million in transactions and currently disburses $12million monthly in inventory credit through omni pay
OMNIRETAIL grabs $20 million in series A funding, to fuel its expansion across Nigera, Ghana, and Ivory Coast. This was co-led by Norfund, Norway’s development finance institution (it’s ever direct equity investment in an African startup), and Lagos based Timon Capital. Other familiar faces like Ventures platform, Aruwa Capital and Goodwill investments (via Alitheia Capital) also got it
64yr old flour mills joined the show. What is flour mill doing in tech funding round? They are just smart, they are not just betting on returns, they are getting close to distribution. In emerging markets distribution is the king. Manufacturing is half the hurdle crossed! Getting the products in stores, kiosks, and rural shops at scale is the real deal. OmniRetail already digitizes and organizes the distribution Network that companies like Flour mills have struggled to manage for decades.
By investing, flour mills ensures it has early influence maybe even preferential access to tech enabled retail channel that could soon dominate the market.
OMNIRETAILS Plans: – To grow its retailer base, push into new product categories like personal care, home care and cold storage.
- to beef up OMNIPAY, its embedded finance arm.
- For better infrastructure, sharpening its credit underwriting tools and strengthen its partnership game with debt providers.
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Akudo Abengowe