Nigerian B2B eCommerce company Omnibiz has raised $15 million in a pre-Series A funding round and said it plans to expand further in the region.
Already active in a dozen cities in Ghana and Nigeria and serving 65,000 retailers, Omnibiz said they aimed to add more cities in Nigeria that have a growing retail trade and are not currently supported by a B2B platform, according to a report in TechCabal.
“The [fast-moving consumer goods] supply chain is fragmented, inefficient and opaque,” Nikos Katsaounis, a partner at Timon Capital, which led the funding round, said in the report. “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.”
With the Omnibiz platform, retailers can buy products from 200 brands and access credit, buy now, pay later (BNPL) and other financial services, per the report. They can also manage their bookkeeping with the company’s MyStore app, and gain data and insights about their inventory and pricing.
Twelve of Nigeria’s largest consumer goods purveyors — Coca-Cola, Nestle, Unilever and Procter & Gamble among them — signed deals with Omnibiz in April to begin using the platform to track sales from distributors to retailers.
“The manufacturers are making more revenue because they are able to see the movement of their goods and can increase the supply at a lower cost,” Omnibiz CEO Deepankar Rustagi said in an interview with Bloomberg at the time. “We are in the business of making retail simple.”
Omnibiz launched its BNPL option and its bookkeeping app in November 2021, saying these products would give customers credit options to grow their businesses and the ability to track sales, cost, prices and profit.
The company said at the time that it “eliminates the inefficiencies of traditional trade by digitizing the key stakeholders.”