OmniRetail is a tech-enabled marketplace founded by Deepankar Rustagi as his second venture in the field. With OmniRetail, Rustagi believes he has found the winning formula.
Initially, Rustagi founded Vconnect in 2010, which was among Nigeria’s pioneering marketplace platforms for hiring freelancers and artisans. However, due to challenges like the absence of integrated payments, Vconnect ceased operations in 2017.
In 2019, Rustagi embarked on his second marketplace venture, OmniRetail, focusing on fast-moving consumer goods. The aim was to modernize Nigeria’s traditional supply chain by connecting retailers with manufacturers and distributors.
OmniRetail stems from Rustagi’s experience at Tolaram, the maker of Indomie noodles, giving him insights into the hurdles manufacturers face in reaching retailers. He sees technology as the solution to smoothen this process.
Operating in Africa’s vast informal markets poses challenges, especially with entrenched traditional wholesalers who hold strong retailer networks and benefit from volume discounts. Rustagi believes a combination of consolidating key players and integrating technology is crucial for success.
OmniRetail offers a network of interconnected products to retailers, including Mplify for distributors, Omnibiz for retailers, and Omnipay for payments.
By leveraging these platforms, retailers can place orders seamlessly, distributors can accept and fulfill them, and payments can be processed efficiently.
Since its inception, OmniRetail has rapidly grown, securing $3 million in funding in 2021 and reporting substantial revenues in 2022. By 2024, it attained the top spot on the list of Africa’s fastest-growing companies.
Rustagi attributes this success to the company’s in-depth market understanding, honed through strategic experimentation in Surulere before expanding to other regions and countries.
OmniRetail serves a significant number of retailers, distributors, and manufacturers, boasting a substantial monthly gross merchandise value.
The company generates revenue by facilitating faster product sales for distributors to retailers and providing manufacturers with market insights for improved production efficiency.
While Rustagi does not disclose specific figures, he indicates a significant increase in net profit margin, gross margin, and overall profitability for OmniRetail.
Looking ahead, OmniRetail plans to expand its operations to Francophone Africa and diversify its product offerings beyond food and beverages.
The company’s utilization of Artificial Intelligence to provide retailers with valuable customer data and its strategic partnerships for financial services highlight its commitment to comprehensive support for stakeholders.
Rustagi’s vision for OmniRetail is ambitious, aiming for substantial growth in the coming years as the company continues to innovate and expand its market reach.