The ranking, now in its third year, continues to highlight the dynamism and growth of companies in sectors including fintech, renewable energy, healthcare, e-commerce, and agriculture.

The FT presents Africa’s Fastest Growing Companies list comprising innovative, modern, companies growing at scale, that are the driving force of the international economy in the 21st century.

The Financial Times partners with Statista, to produce similar rankings for companies in Europe, Asia, and America.

The inclusion of OmniRetail as part of this prestigious list is a testament to its success and exceptional performance.

Similar to the ranking for other markets, the Africa list places companies by their compound annual growth rate (CAGR) in revenue between 2019 and 2022.

OmniRetail has grown by 772.39% over these 3 years, making it Africa’s fastest-growing company in 2024.

Launched in 2019, OmniBiz is the flagship product of OmniRetail, a distribution platform that digitises the supply chain from distributors to retailers by embracing a retailer-first, asset-light approach. OmniBiz enables retailers to place orders directly from manufacturers.

These orders are fulfilled by partner distributors, who specialise in warehousing, while transportation responsibilities are delegated to third-party logistics providers, ensuring delivery to retailers within 24 hours.

OmniRetail is building a collaborative platform that includes other innovative tools like OmniPay and Mplify, which equips retailers with essential resources and tools to procure products, build and access credit, and optimise their business for higher profitability and scale. With over 140,000 small retailers and over 200 brands onboarded, OmniRetail aims to redefine the retail industry in Africa.

Deepankar Rustagi, CEO of OmniRetail, said,

“We’re proud to enter the FT Africa’s fastest-growing list for the first time and even more so to be at the top of the list. This is a tribute to the hard work and perseverance of everyone at OmniRetail. Africa deserves a robust digital infrastructure layered on top of the existing informal retail sector, and we’re proud of the progress we’ve made so far. We are equally proud of our work towards empowering and supporting more retailers previously excluded by the financial ecosystem and those experiencing cash flow issues to enhance their supply chain processes. 

Through OmniRetail, we help retailers grow through our integrated digital infrastructure providing access to essential goods and capital. We will continue to improve infrastructure for efficient product distribution, envisioning more product variety and efficient distribution to even more remote areas.

As a company, we are on a journey to completely eliminate the inefficiencies of traditional trade by digitising the key stakeholders across the value chain”.

OmniRetail’s business model revolves around the OmniBiz platform, which digitises the supply chain, while OmniPay processes over $50 million in transactions.

This emphasises high-margin product categories and offers structured rebates and incentives.  To optimise delivery van loads, OmniRetail uses an algorithm and operates with a robust model that includes decentralised warehousing.

At least 78% of OmniRetail’s retailers and distributors are women, reflecting robust financial inclusion by providing access to banking services, working capital, and genuine digitisation.

The company works with more than 4800 distributor partners and 1100 committed vehicles and compensates partners based on delivered value.

OmniRetail recently achieved profitability, boasting gross margins of 9% and net contribution margins of 5% as of January 2024, with a registered retailer base of 144,000.

The amount was undisclosed as at the time of filing this report.

Working in collaboration with long-term partner Alitheia Capital, Goodwell invested via its uMunthu II fund, effectively kickstarting OmniRetail’s Series A fundraising round.

The firm is proud to be the first to commit, underscoring its desire to support the growth of companies driving financial inclusion in underserved communities.

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, encapsulated the company’s mission, saying,

“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 innovative tools like OmniPay and Mplify, OmniRetail equips retailers with essential resources and tools to procure products, build and access credit, and optimize their business for higher profitability and scale.

With over 140,000 small retailers and 90 brands onboarded, the company is well-positioned to redefine the retail industry in the region.

With social impact at the core of its business model, OmniRetail is an ideal addition to Goodwell and Altitheia’s uMunthu II investment portfolio, which is dedicated to supporting local businesses providing essential goods and services to underserved populations.

Reflecting on the company’s potential for delivering positive impact, 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.”

As OmniRetail continues its journey to modernise informal retail across West Africa, this investment will fuel the company’s expansion plans.

In addition to strengthening its presence in Nigeria, OmniRetail has extended and is scaling its digital offerings to Ghana and Cote d’Ivoire, with the aim of doubling in size by the end of 2024.

Goodwell looks forward to partnering with OmniRetail throughout this exciting growth phase, supporting its vision to enable retailers and communities to thrive in the digital age.