Nigerian digital startup Omnibiz has raised $3m to expand into new markets in West Africa
The Lagos-based B2B e-commerce platform connects fast-moving consumer goods (FMCGs) manufacturers with retailers by digitalising the supply chain stakeholders.
The platform launched in 2019 as a service covering a mobile app, WhatsApp channel and a phone number for retailers to place orders and request goods deliveries.
Omnibiz’s seed round was led by V&R Africa, Timon Capital and Tangerine Insurance, and also included Lofty Inc., Musha Ventures, Sunu Capital, Launch Africa, and Rising Tide Africa.
The latest round takes total investment in the company to $4m. The company also received funding from the Seedstars accelerator growth programme.
Omnibiz’s founder and CEO, Deepankar Rustagi, has been working in Nigeria for more than two decades.
He created his first startup, VConnect, in 2011 as an online marketplace and search engine to find local professionals for service needs, but the business closed in 2017.
Rustagi then consulted for multiple FMCG brands and saw the need for manufacturers and retailers of goods to digitise their processes, prompting him to develop Omnibiz.
The tool connects retailers with brands including Coca-Cola, Nestlé, Kellogg’s, Unilever, Procter & Gamble and Kimberly-Clark.
IT allows retailer orders to be sent to partner distributors which store goods on behalf of manufacturers, and transportation is handled by third-party logistics providers which deliver to retailers within 24 hours.
The company is currently operating in Lagos, Abuja, Port Harcourt, and Kaduna in Nigeria, and intends to expand into Ibadan and Kano by the end of August.