Alitheia Capital portfolio companies, Omniretail and Paga, were listed on the Financial Times (FT) ranking of Africa’s Fastest Growing Companies for 2024. Omniretail, a Nigerian e-commerce firm, was ranked as the fastest-growing company in Africa while Paga, a Nigeria-based fintech company, emerged as number 56 on the list (Paga also made the list in 2023).
The Financial Times’ annual Africa’s Fastest Growing Companies ranking highlights businesses that have demonstrated exceptional resilience and growth amidst the challenges posed by the COVID-19 pandemic and the broader economic issues facing the continent. This year’s list, which includes 125 companies from across the continent, ranked companies based on the highest compound annual growth in revenues (CAGR) between 2019 and 2022.
Omniretail’s revenue grew from $0.25 million in 2019, the year it was founded, to $139.88 million in 2022 with a CAGR of 772.39% and employee numbers going from just 11 in 2019 to 896 in 2022. Meanwhile, Paga, founded in 2009, had a CAGR of 50.09% and revenue growth of $56.29 million in 2022 and $19.59 in 2019.
Alitheia Capital invested in Omniretail and Paga via its uMunthu fund, co-managed with Goodwell Investments. Alitheia was the first institutional investor in Paga in 2012, having recognised the company’s potential to create impact and drive financial inclusion. Both companies have benefited from Alitheia Capital’s strategic investments and support, enabling them to achieve remarkable milestones and expand their footprint across Africa.
Economic growth across Africa has faced considerable headwinds, with the continent experiencing a growth rate of 3.2 percent in 2023, according to the IMF. Despite these challenges, companies like Omniretail and Paga have exhibited remarkable growth trajectories, showcasing the ingenuity, resilience, and entrepreneurial spirit that define Africa’s business landscape.
As Africa continues to navigate the challenges of economic recovery and growth, Alitheia Capital remains committed to partnering with visionary entrepreneurs and businesses to unlock their full potential and create lasting impact in communities across the continent.
See the full list HERE
