Nigerian B2B eCommerce Company Omnibiz Raises $15 Million and Expands

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Omnibiz, a B2B eCommerce firm based in Nigeria, announced it has secured $15 million in a pre-Series A fundraising round and expects to continue growing in the area.

According to a TechCabal story, Omnibiz claimed they planned to add more locations in Nigeria that have a rising retail trade but are not currently supported by a B2B platform. Omnibiz is now operational in a dozen cities in Ghana and Nigeria and serves 65,000 shops.

According to Nikos Katsaounis, a partner at Timon Capital, which oversaw the fundraising round, “the [fast-moving consumer products] supply chain is fragmented, ineffective, and opaque.” “Omnibiz takes on all these issues and handles them with a powerful software layer that delivers crucial information on this otherwise opaque market and supply chain.”

According to the research, shops may use the Omnibiz platform to purchase goods from 200 brands and have access to credit, buy now, pay later (BNPL), and other financial services. The business’s MyStore app allows them to receive information and insights about their inventory and pricing as well as manage their bookkeeping.

In order to start utilizing the platform to track sales from distributors to retailers, twelve of Nigeria’s biggest consumer products suppliers, including Coca-Cola, Nestle, Unilever, and Procter & Gamble, inked agreements with Omnibiz in April.

At the time, Omnibiz CEO Deepankar Rustagi told Bloomberg that manufacturers were earning more money because they could track the flow of their products and boost supply at a reduced cost. We work to simplify the retail industry.

In November 2021, Omnibiz released its BNPL option and bookkeeping app, claiming that they would provide consumers access to financing alternatives to expand their enterprises and the capacity to monitor sales, costs, pricing, and profit.