Nigerian E-commerce company, Omniretail has emerged as the fastest-growing company in Africa in 2024 in the third edition of Africa’s Fastest Growing Companies.
OmniRetail, a startup established in 2019, experienced an astonishing surge in revenue, soaring by 772.39% in 2022 to reach $139.8 million.
Following closely behind, Mauritian Kyosk Digital, a B2B platform facilitating connections between retailers and FMCG manufacturers, achieved a remarkable 647.37% CAGR. Resourgenix Pty Ltd, an employment services firm based in South Africa, secured the third spot with a growth rate of 542.65%, boasting revenues of $155 million and $33 million respectively.
Among the top five were Moniepoint, a prominent Nigerian payment startup, generating revenues of $149 million, and Afex Commodities Exchange, a commodities brokerage, amassing an impressive $415 million.
The roster of 125 companies featured in this year’s compilation reflected a diverse geographic distribution. South Africa led with 42 entrants, closely followed by Nigeria with 25, while Kenya and Morocco each contributed 12 companies.
Continuing the trend from the previous year, B2B startups maintained their prominence on the continent. While Afex and Moniepoint topped the 2023 list, both representing the fintech sector, e-commerce enterprises secured the largest representation, underscoring the rising influence of models reshaping retail distribution across Africa.
The FT’s assessment of this year’s ranking noted a broader representation of companies, signaling a departure from the dominance of nations traditionally associated with high startup funding, such as South Africa, Nigeria, and Kenya.
A minimum CAGR of 8.62% was stipulated as a prerequisite for inclusion in this year’s ranking. This rigorous methodology ensures the reliability and relevance of Africa’s Fastest Growing Companies 2024 list.
The rigorous methodology employed in compiling Africa’s Fastest Growing Companies 2024 list underscores the meticulous process undertaken to ensure accuracy and transparency. Despite the extensive research conducted, the ranking acknowledges that it may not encompass all eligible companies, as some opted not to disclose financial figures or participate for various reasons.
Here are the top ten fastest-growing companies in Africa:
1. Omniretail Inc. OmniRetail
2. Kyosk Digital Kyosk.App
3. Resourgenix Pty Ltd. Resourgenix
4. Moniepoint Inc. Moniepoint
5. Afex Commodities Exchange Ltd. Afex
6. Chari.Co Chari
7. Enara Group Enara
8. Yellow Digital Retailers Ltd. Yellow
9. Kentegra Biotechnology Epz Ltd. Kentegra Biotechnology
10. HearX Group Pty Ltd. HearX Group
