A Nigerian company has been recognized as the fastest-growing business in Africa, expanding its operations across three countries while surpassing £100 million in revenue.
The company’s rapid growth highlights its increasing influence in the continent’s economic landscape.
Accordign to express.co.uk e-commerce firm Omniretail made revenues just shy of £200,000 when it was founded in 2019, but by 2022 this had shot up to £110.7m, according to FT figures.
It topped a list of Africa’s fastest-growing companies last year, with a phenomenal growth rate of 66,295%, beating second place Kyosk Digital in Mauritius (41,645%) and South Africa based Resourgenix (26,441%), according to the FT.
The company was set up to remove supply chain barriers by digitising trade between distributors and manufacturers via its platform, Mplify.
Omniretail started in Nigeria, but is now in Ghana and Ivory Coast, and looking to expand across western Africa.
Deepankar Rustagi, Omniretail’s Chief Executive, told the FT in June last year that the firm digitises supply chains for fast-moving consumer goods (FMCGs). These include food, drinks, toiletries and beauty products.
He explained how most of those goods are manufactured in one place and distributed across the nation, which he described as a “big challenge” when firms can’t see where stock is available and where it’s needed.
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The aim of OmniRetail is to help companies see where demand exists and the places from which supplies can be sourced.
Omniretail says that its vision is to build the largest profitable network of retailers in Africa and simplify the distribution and sale of essential goods.
While the firm topped last year’s list of Africa’s fastest-growing companies, the biggest company by market cap in the continent as of February this year was Naspers.
Headquartered in Cape Town, South Africa, Naspers is a multinational tech and multimedia giant dealing in online retail, publishing and investments.
It was valued at £32.9billion ($41.56bn) in a ranking published by CEOWorld Magazine, ahead of second placed Firstrand on £17.8bn ($22.59bn).
