African-focused private investment firm Silverbacks Holdings has partially exited its stake in Nigerian B2B e-commerce startup OmniRetail, earning a 5x return on its original investment. The move marks Silverbacks’ ninth profitable exit just one month after it secured a 29x return from its exit in LemFi.
The deal follows OmniRetail’s $20 million Series A round, which attracted strategic backers including Flour Mills of Nigeria, a 64-year-old manufacturing heavyweight.
Founded in 2019, OmniRetail connects over 150,000 retailers to 5,800 distributors and FMCG manufacturers via its digital platform. Twice named Africa’s fastest-growing business, the company has seen exponential growth, with revenue climbing from $280,000 in 2020 to more than $120 million in 2023 a staggering 71,818% increase. In 2024, the platform processed over ₦1.3 trillion ($810 million) in transactions and achieved profitability.
“Silverbacks has been a truly resourceful early investor and a consistent contributor to OmniRetail’s network,” said Deepankar Rustagi, CEO of OmniRetail. “I’m excited to see them continue the journey with us, as I also support their sports venture.” Rustagi recently invested in the Cape Town Tigers, a Silverbacks-backed basketball team that reached the 2024 BAL/NBA Africa semi-finals.
“This ninth exit validates our long-term investment strategy and highlights the outstanding quality of the entrepreneurs we back,” said Ibrahim Sagna, Executive Chairman of Silverbacks Holdings.
The partial exit underscores a growing trend in Africa’s startup scene: investors are increasingly accessing liquidity through secondary sales as the ecosystem matures.
Silverbacks’ Nigerian portfolio has returned an average 10.7x multiple on invested capital (MOIC) and an 81.5% internal rate of return (IRR) over 2 years and 8 months. Its Egyptian investments have performed even better, with a 9.7x MOIC and a staggering 339% IRR in just 1 year and 7 months.
Overall, Silverbacks’ African portfolio spanning fintech, media, sports, and fashion—has outpaced its global performance. The firm has seen nearly a 4x return on its total capital deployed in Africa, led by fintech investments averaging a 13.7x MOIC and a 91.9% IRR over a 3.7-year holding period. By contrast, exits outside Africa have yielded a more modest 1.3x MOIC.
“These consistent, high-performing exits show that investing in Africa is not only viable, it’s a smart play for investors seeking superior returns,” the firm noted.
Silverbacks’ African investments include high-growth ventures such as Moove, Wave, Flutterwave, Shuttlers, African Warriors Fighting Championship (AWFC), and the Cape Town Tigers Basketball Club.
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