Omnibiz, a retail technology firm based in Nigeria, has raised $15 million in a pre-Series A round of funding, which it will use to significantly boost its revenue by focusing on expanding its retailer base and improving customer retention.
Timon Capital took the lead in the funding round. Participants in the round, which included Ventures Platform, LoftyInc Capital Management, Chapel Hill Denham, Chandaria Capital, and Musha Ventures, contributed a total of US$10 million in debt and US$5 million in equity.
Omnibiz, which Deepankar Rustagi founded in June 2019, enables retailers to place orders at their convenience and have products delivered to their doorstep for no additional cost. Using the company’s mobile apps, a WhatsApp channel, or a dedicated care number, retailers may restock their stores.
“We think the future of modern retail in Africa will be the savvy informal retailer, not shopping centers. We will empower shops to deliver excellent merchandising at an accessible price point to win their customers’ trust by offering the resources, equipment, and logistics. With the help of this finance, we will be able to treble the profitability of our retailers, establish a scalable and lucrative company, and move a step closer to revolutionizing African retail, according to Rustagi.
With the funding, Omnibiz will increase its efforts to retain retail customers and win their loyalty.
Omnibiz forecasts a 4x increase in revenue for its retailers by implementing its comprehensive strategy to become the primary B2B operating system for retailers. This includes aiding with last-mile delivery, procurement, working capital, inventory management, and operational tools for tracking sales, cost, prices, and profit.
Read more on Tech Gist Africa:
Koolboks has completed a seed round of $2.5 million
iProcure, a Kenyan agritech startup, raises $10,2 million in Series B funding