OmniRetail, a B2B enablement platform focusing on digital infrastructure in Sub-Saharan Africa, proudly announces its top position in the Financial Times (FT) ranking of Africa’s Fastest-Growing Companies for 2024. This ranking, now in its third year, continues to highlight the dynamism and growth of companies across various sectors, including fintech, renewable energy, healthcare, e-commerce, and agriculture.
The FT’s list of Africa’s Fastest-Growing Companies comprises innovative, modern businesses that are driving the international economy in the 21st century. The Financial Times partners with Statista to produce similar rankings for companies in Europe, Asia, and America. OmniRetail’s inclusion in this prestigious list is a testament to its exceptional performance and rapid growth. The Africa list ranks companies by their compound annual growth rate (CAGR) in revenue between 2019 and 2022. OmniRetail has achieved an impressive growth rate of 772.39% over these three years, securing its position as Africa’s fastest-growing company in 2024.
Founded in 2019, OmniRetail focuses on digitizing, optimizing, and financially including the robust trade ecosystem in Sub-Saharan Africa. Its flagship product, OmniBiz, is a distribution platform that digitizes the supply chain from distributors to retailers using a retailer-first, asset-light approach. OmniBiz enables retailers to place orders directly from manufacturers, which are then fulfilled by partner distributors specializing in warehousing. Third-party logistics providers handle transportation, ensuring delivery to retailers within 24 hours.
OmniRetail is also developing a collaborative platform that includes innovative tools like OmniPay and Mplify. These tools equip retailers with essential resources to procure products, build and access credit, and optimize their businesses for higher profitability and scale. With over 140,000 small retailers and more than 200 brands onboarded, OmniRetail aims to redefine the retail industry in Africa.
CEO Deepankar Rustagi commented, “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 achievement 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.”
Rustagi added, “Through OmniRetail, we help retailers grow by providing access to essential goods and capital through our integrated digital infrastructure. 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 digitizing key stakeholders across the value chain.”
OmniRetail’s business model revolves around the OmniBiz platform, which digitizes the supply chain, while OmniPay processes over $50 million in transactions, emphasizing high-margin product categories and offering structured rebates and incentives. To optimize delivery van loads, OmniRetail uses an algorithm and operates with a decentralized warehousing model. 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 digitization.
The company collaborates with more than 4,800 distributor partners and 1,100 committed vehicles, compensating 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.
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