In a move that reflects both smart timing and solid strategy, Silverbacks partially exits from OmniRetail, marking its ninth profitable exit in Africa.
This partial divestment not only gave the Mauritius-based private investment firm a 5x return on its initial capital, but it also confirmed Silverbacks’ position as a top player in Africa’s growing startup scene.
In this post, we break down everything you need to know about this deal, including what it means for OmniRetail, for Silverbacks, and for the wider tech and investment landscape across Africa.
The Exit in Simple Terms
Silverbacks partially exits from OmniRetail after holding a stake in the Nigerian B2B e-commerce startup since its early years. This partial sale gave Silverbacks a fivefold return on its investment, a big win for any investor.
This move came shortly after the startup raised $20 million in Series A funding from big players like Flour Mills of Nigeria. The timing was perfect.
This marks Silverbacks’ ninth profitable exit and follows its earlier 29x return from Lemfi, another Nigerian fintech.
Who Is OmniRetail?
OmniRetail is a Nigerian startup founded in 2019. It helps small retailers in West Africa get products from distributors and manufacturers using its digital platform.
In simple words, it connects over 150,000 small shops to over 5,800 suppliers.
From just $280,000 in revenue in 2020, the company grew to $120 million by 2023. In 2024, it processed more than ₦1.3 trillion (around $810 million) in sales and became profitable.
Why Silverbacks Made the Exit Now
There’s no doubt this exit was carefully timed. The Series A funding round raised OmniRetail’s value and provided liquidity for early investors.
Silverbacks partially exits from OmniRetail at a strong valuation while still keeping some skin in the game for future growth.
According to Ibrahim Sagna, Executive Chairman of Silverbacks Holdings, this exit “validates our long-term strategy and reaffirms the calibre of entrepreneurs we support.”
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Silverbacks’ Performance in Africa
The firm’s results in Africa have been nothing short of impressive:
- Nigerian investments: 10.7x MOIC (multiple on invested capital), 81.5% IRR
- Egyptian investments: 9.7x MOIC, 339% IRR
- African fintech: 13.7x MOIC, 91.9% IRR
In comparison, its non-African exits only returned 1.3x MOIC. That’s why this deal, where Silverbacks partially exits from OmniRetail, strengthens the argument that investing in Africa is both smart and profitable.
Secondary Sales in Africa
One reason Silverbacks partially exits from OmniRetail is to take advantage of growing liquidity in Africa’s startup world.
More startups are maturing, and early investors can now sell part of their stake without waiting for an IPO or full acquisition.
This kind of partial exit also attracts more foreign and local capital, because it shows there’s a path to real returns.
Founder Support Goes Both Ways
OmniRetail’s CEO, Deepankar Rustagi, had high praise for Silverbacks, calling them “a consistent contributor to our growth.”
Interestingly, Rustagi also invested in the Cape Town Tigers, a sports team owned by Silverbacks. This shows a healthy, two-way relationship between founders and investors.
So, when Silverbacks partially exits from OmniRetail, they aren’t cutting ties, they’re just cashing in some gains while keeping the relationship strong.
Impact on the African Tech Scene
The fact that Silverbacks partially exits from OmniRetail with a 5x return gives hope to other startups and investors. It shows that African tech can deliver real, hard cash, not just paper valuations.
It also highlights the importance of sectors like B2B commerce and fintech, which make up a big part of Silverbacks’ winning bets.
Investors watching from the sidelines now have real data showing that Africa isn’t just potential, it’s performance.
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What’s Next for OmniRetail?
With the fresh $20 million funding and a smaller but still active Silverbacks stake, OmniRetail is in a strong position to expand even more.
The company is expected to:
- Grow its presence in other African markets
- Expand its tech tools for retailers and suppliers
- Increase its transaction volume and revenue
And with its track record, OmniRetail could be a target for larger global investors or even a future IPO.
So even though Silverbacks partially exits from OmniRetail, the journey is far from over.
