Nigeria: Goodwell invests in OmniRetail
OmniRetail is a B2B e-commerce platform digitising sub-Saharan Africa’s informal supply chain.
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Goodwell Investments has made an investment in Nigeria-based OmniRetail, a B2B e-commerce platform digitising sub-Saharan Africa’s informal supply chain. Working in collaboration with long-term partner Alitheia Capital, Goodwell invested via its uMunthu II fund, effectively kickstarting OmniRetail’s Series A fundraising round.
Founded in 2019, OmniRetail provides the necessary digital infrastructure to tackle some of the most pressing challenges within Africa’s commerce value chain, particularly by addressing the needs of informal retailers. This often-overlooked group constitutes the backbone of commerce across sub-Saharan Africa, contributing significantly to the region’s GDP and providing livelihoods to millions of individuals. Despite their economic importance, these small businesses grapple with uncoordinated supply chains and fragmented distribution networks, hindering their growth and economic stability.
Archit Bagaria, head of investments at OmniRetail said, “Africa deserves a robust digital infrastructure layered on top of the existing informal retail – the impact of which cannot be overstated. As the largest employer and the only ecosystem that can truly ensure efficient distribution of essential goods, healthcare, and financial inclusion – informal retail plays a very important role in the economies we want to transform. With support from Goodwell, one of the top impact funds focused on the continent, we are just getting started on our journey of a true digital infrastructure play that will impact and transform retail in Africa”
Through its flagship platform, Omnibiz, and tools like OmniPay and Mplify, OmniRetail equips retailers with resources and tools to procure products, build and access credit, and optimise their business for higher profitability and scale. It has over 140,000 small retailers and 90 brands onboarded.
Oti Ilentamhen, investment principal at Alitheia commented, “With a strong focus on empowering underrepresented entrepreneurs, particularly women who make up 78% of its customer base, OmniRetail exemplifies the potential for technology-driven solutions to drive positive change in underserved communities. As the company continues to expand its reach and impact, encompassing distribution, logistics and financial services, it sets a compelling example for the broader investment community, showcasing the immense value of supporting businesses that prioritise both financial success and social responsibility.”
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