Nigerian retail-tech startup Omnibiz has secured $15 million in a new pre-Series A round led by Timon Capital. Ventures Platform, LoftyInc Capital Management, Chapel Hill Denham, Chandaria Capital and Musha Ventures. According to the details of the deal, $5 million was raised in equity while $10 million was raised in debt funding.

The startup is set to use this funding to accelerate the growth of the business across the West African country.

Omnibiz was in June 2019 by Deepankar Rustagi. The startup allows retailers to place orders at their convenience and have goods delivered to their doorstep at zero extra delivery costs. Retailers have the privilege to stock up their shops and outlets using the Omnibiz company’s mobile apps, WhatsApp channel, or a dedicated care number. 

This funding is also coming after the startup had earlier raised $3 million in seed funding in August 2021.

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The company has grown rapidly into a leading B2B e-commerce platform, connecting retailers in Nigeria and Ghana with over 200 brands delivered by a network of more than 70 logistics partners. Utilising the insights provided by the platform, retailers can view inventory stock in real-time and avoid purchasing SKUs that they may struggle to sell. More than 3,000 retailers use Omnibiz every day.  

“We believe the smart informal retailer – not shopping malls – is the future of modern retail in Africa. By providing the capital, tools and logistics, we will enable retailers to offer great merchandising at an affordable price point to win their customers’ trust. This funding will allow us to quadruple the profitability of our retailers, build a scalable and profitable business, and take us one step closer to transforming African retail,” said Rustagi.

“We invested in Omnibiz because we believe that it is solving a much-needed problem,” said Nikos Katsaounis, Timon Capital partner. “The FMCG supply chain is fragmented, inefficient, and opaque. Omnibiz tackles all of these problems and addresses them with an efficient software layer that provides much-needed data on this otherwise obscure market and supply chain. Deepankar Rustagi is an excellent operating CEO.”