Nigeria’s OmniRetail, a B2B e-commerce startup, holds the title of Africa’s fastest-growing company, as per the Financial Times’ ranking of the continent’s fastest-growing companies.
This year marks the third edition of the list, which ranks companies based on their cumulative annual revenue growth. Notably, South African and Nigerian firms dominate this year’s rankings.
Founded in 2019, OmniRetail experienced a remarkable revenue growth of 772.39% in 2022, reaching $139.8 million.
Following closely behind is Kyosk Digital from Mauritius, a B2B platform linking retailers with FMCG manufacturers, with a growth rate of 647.37%.
Next in line is South African employment services firm Resourgenix Pty Ltd, achieving a growth rate of 542.65%. Their revenues stood at $155 million and $33 million, respectively.
Rounding up the top five are Moniepoint, a major payment startup in Nigeria, and commodities brokerage Afex Commodities Exchange, with revenues of $149 million and $415 million, respectively.
Out of the 125 companies listed this year, 42 hail from South Africa, 25 from Nigeria, while Kenya and Morocco are represented by 12 companies each.
The dominance of B2B startups on the continent continues this year. While Afex and Moniepoint, both fintech companies, led the list in 2023, e-commerce firms secured the most positions, underscoring the increasing popularity of models disrupting retail distribution across Africa.
This year’s rankings reflect a broader range of companies, as noted by the Financial Times. Unlike previous editions, which were largely dominated by countries attracting the highest startup funding—South Africa, Nigeria, and Kenya—this year’s list showcases a more diverse representation.