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Nigeria e-commerce startup Omnibiz raises $3M in seed round


Omnibiz, a B2B eCommerce unified distribution platform, has raised a $3 million seed round geared at expanding into new markets. This round was led by V&R Africa, Timon Capital, and Tangerine Insurance. Other participants were Sunu Capital, Rising Tide Africa, Lofty Inc, Musha Ventures, and Launch Africa.

Deepankar Rustagi the founder and CEO had previously launched VConnect, an online marketplace and search engine in 2011 as a search engine for finding local professionals in their service needs. He later consulted for several FMCG brands figuring out the need for the manufacturers and retailers of goods to digitize their processes right before the launch of Omnibiz in 2019.

The business model employed by Omnibiz is an asset-light retail distribution where a retailer makes an order on its platform and is requested from partner distributors involved in warehousing and transportation.  The digitized value chain helps Omnibiz connect with top brands such as Nestle, Coca-Cola, etc.

Omnibiz connects FMCG manufacturers to retailers by digitizing supply chain stakeholders. The platform has a WhatsApp channel, mobile app, and phone number for retailers to stock their shops. Retailers can easily place orders at their convenience with goods arriving at their doorstep at no extra charge. Thus far Omnibiz has raised $4 million – in addition to receiving funding from Seedstars and taking part in Y Combinator. Plans are underway to expand the company’s presence into Kumasi, Abidjan, Accra, and Takoradi. At present, the main ticket items on the Omnibiz platform are OTC pharmaceutical, personal care, food, and non-alcoholic items.

Source at TechCrunch


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