Today, VentureSouq led a seed funding round of $5.85 million for Omniful, a startup specializing in supply chain and e-commerce enablement. Other investors included 500 Global, DASH Ventures, Jahez Group, SEEDRA Ventures, Bunat Ventures, Hala Ventures, RZM Investments, and several family offices such as Al Rasheed, Siraj Holding, Al Bawardi, and Al Nafea.
To enable merchants to take advantage of hyperlocal and omnichannel commerce, the startup company located in the United Arab Emirates and the Kingdom of Saudi Arabia (KSA) has developed systems for ordering, warehouse management, and transport management. These systems allow merchants to manage their orders and inventory in real-time. Additionally, it enables third-party logistics providers, generally known as 3PLs, to manage their workplace operations effectively.
The co-founder and CEO of Omniful, Mostafa Abolnasr, stated in an interview with TechCrunch that the pain points that most merchants experience, such as aligning different sales channels, managing inventory flows, stock accuracy, and picking and fulfillment time, inspired him and Alankrit Nishad, who both have extensive experience in e-commerce, to get started. In addition, according to Abolnasr, market research demonstrates that legacy software was unable to fulfill customers’ requirements, was challenging to scale, was expensive, and required significant time to implement.
In the beginning, we had the vision to reconstruct the technologies that are presently being used and would be utilized in the future for supply chain operations, hyperlocal omnichannel retail, and e-commerce operations. Abolnasr states, “We needed to rethink virtually every feature on a first-principle basis, with a complete and utter concentration on the following four pillars: speed, accuracy, scale, and efficiency.”
“From the point of view of releasing pain points and minimizing the impact,” we look at it.
To provide merchants and third-party logistics providers with the capabilities necessary to expand e-commerce, Omniful emerged from stealth with an initial funding of $5.85 million.
Merchants and third-party logistics providers are providing a solution by Omniful that includes tools for gaining information about their operations. Photo credit: Omniful (Image)
By utilizing its technology, both large corporations and small merchants can obtain the potential to use various sales channels. Additionally, they can lower their workforce expenses per shop by up to forty percent and their fulfillment time by up to seventy percent, respectively.
Among the first to use Omniful’s worldwide product, customers included some of the most prominent retailers and third-party logistics providers in several regions, including the United Arab Emirates and Saudi Arabia.
According to Abolnasr, their technology can manage a minimum of three million orders every day for each client, making it perfect for companies looking to expand their business. In addition, this paves the way for its expansion goals, which include broadening its client base in other regions, such as Africa and India, from which it operates a research and development center.
We believe that Omniful has far-reaching applications that provide a lot of space to operate. The idea of commerce is deeply ingrained in the history of the Middle East and North Africa (MENA), including the region. “This region has a long-standing tradition of excellent retail franchises, which Omniful can assist in enhancing, thereby making them more competitive in an environment that is becoming increasingly dynamic,” said Tammer Qaddumi, general partner at VentureSouq.
In addition to being universal, adaptive, and global, Omniful has already discovered use cases in several other highly competitive areas. In all honesty, we consider Omniful to be a borderless solution that has the potential to become indispensable to any local firm and also to play a part in the unification of procedures for international operations.
