Nigeria’s OmniRetail Tops FT’s List of Africa’s Fastest Growing Companies



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OmniRetail, a Nigeria-based B2B ecommerce marketplace, has emerged as the leading contender on the FT’s prestigious list of Africa’s Fastest Growing Companies in 2024, showcasing a remarkable ascent from its absence in the previous year’s rankings.

The company’s success is rooted in its integrated platform, which connects manufacturers, retailers, and distributors while digitizing supply chains for fast-moving consumer goods (FMCGs). Spearheaded by chief executive Deepankar Rustagi, OmniRetail addresses the inherent challenges of FMCG distribution by streamlining processes and enhancing visibility across the supply chain.

Rustagi emphasizes the platform’s core functions, including Mplify for digitizing trade between distributors and manufacturers, Omnibiz for facilitating trade between retailers and distributors, and OmniPay for efficient payments management. With a focus on resource allocation efficiency, OmniRetail aims to bridge the gap between demand and supply, even in remote locations.

Expanding its footprint beyond Nigeria, OmniRetail has ventured into Ghana and Ivory Coast, boasting a workforce of 600 employees across its markets. Notably, the company adopts an asset-light approach, eschewing infrastructure commitments to maintain cost-effectiveness in a highly competitive landscape.

Furthermore, OmniRetail extends its impact by providing credit to retailers lacking creditworthiness, thereby addressing a crucial challenge in the market. Partnering with prominent manufacturers like Coca-Cola, Unilever, and Kellogg’s, the platform serves thousands of distributors and neighborhood retailers, backed by 14 integrated financial service providers.

Despite operating in a challenging macroeconomic environment characterized by currency depreciation and high inflation rates, OmniRetail’s success underscores the burgeoning potential of B2B commerce in Africa. With the company’s strategic focus on efficiency, scalability, and innovation, it continues to pave the way for transformative change in the region’s retail landscape.

By Naija247news
By Naija247news
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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