Close Menu
My SiteMy Site
  • Home
  • Reviews
  • Computers
  • How Tos
  • Travel & Lifestyle
  • Phone ROMs
  • Contact
    • Advertise
    • About Us
Facebook X (Twitter) Instagram
My SiteMy Site
  • Home
  • Reviews
  • Computers
  • How Tos
  • Travel & Lifestyle
  • Phone ROMs
  • Contact
    • Advertise
    • About Us
My SiteMy Site
Home»Startups»Omnibiz Raises $15 million in Pre-Series A Funding
Startups

Omnibiz Raises $15 million in Pre-Series A Funding

Joshua EgeonuBy Joshua Egeonu2 Mins Read
Share
Facebook Twitter LinkedIn WhatsApp Pinterest Email

Omnibiz, a B2B e-commerce company in Nigeria, has just received a $15 million pre-Series A investment from Timon Capital. Ventures Platform, Lofty Inc., Chapel Hill Denham, Chandaria Capital, and Musha Ventures were among the investors in the $5 million equity and $10 million debt investment deal that made up the raise.

The money was raised in order to start further regional expansion this month. In Nigeria’s second-tier cities like Ilorin, Asaba, and Akure, where retail is expanding, according to Rustagi, the company wants to grow. He continued by saying that because there is no support in these cities, they have enormous potential. By providing assistance with last-mile delivery, procurement, working capital, inventory management, and operational tools for tracking sales, costs, prices, and profit, Omnibiz hopes to establish itself as the main B2B operating system for unofficial retailers in these cities.

Must Read: Norebase Raises $1 million in Pre-seed Funding

Omnibiz gives retailers a fully integrated digital platform and is present in over 12 cities in Ghana and Nigeria. Through the Omnibiz app, retailers can conveniently buy and restock from over 200 product brands, including Coca-Cola and Nestle.

Omnibiz

Omnibiz, which debuted in November of last year, also enables retailers to access credit, buy-now-pay-later options, and other financial services. According to Rustagi, the buy-now-pay-later feature was added because retailers using the company’s platform frequently ran out of stock due to a lack of funds to increase the size or volume of their inventory.

Must Read: Topship Raises $2.5m Seed to Build Africa’s Flexport

Retailers can advance more quickly and open additional stores with ease by using MyStore, a bookkeeping solution for managing their customers and inventory. According to the company, this additional support will result in a 4-fold increase in revenue for retailers using its platform. Developing this system, he continued, enabled the business to maintain 65,000 retailers and an average monthly sales volume of $250.

Speaking of the difficulties Omnibiz encountered with its buy-now-pay-later offering, Rustagi stated that the company’s biggest problem was educating the clientele about the model. On the call, Rustagi added that these kinds of data and insights are an important factor in the retail sector’s growth. Retailers are able to manage their stock more effectively and increase their revenues and margins thanks to the pricing data their company offers them.

Related Posts

Curacel, a Nigerian Insurtech Startup, Raises $3 Million

February 17, 2023

VENCO, an Estate Management Startup Raises $670k

December 6, 2022

Egyptian Startup OneOrder Secures $3M

December 6, 2022
Add A Comment
Leave A Reply Cancel Reply

Recent Posts
  • 6 Sports Apps You Must Have On Your Phone
  • Valencia Travel Guide: All You Need to Know About This Spanish Gem
  • TikTok Faces Unexpected Ban in Senegal, Sparks Global Curiosity
  • The Apple GPT & Apple’s Chatbot Mysterious Debut
  • Triller Takes on TikTok: Filing for Public Listing
Get Exclusive Tech Insights!
My Site
Facebook X (Twitter) Instagram YouTube
© 2025 Oscarmini Co. Designed by illBytes.

Type above and press Enter to search. Press Esc to cancel.