The massive growth of several e-commerce and fintech startups in Africa points to the success of disruptive retail distribution models on the continent.
Disruptive retail distribution models are helping startups in Africa achieve rapid growth despite a difficult business environment, latest company growth rankings show.
The latest Financial Times and Statista rankings of 125 fastest-growing companies place e-commerce and fintech startups at the top of the table, with some startups achieving annual revenue growth rates of more than 500%.
Of the top ten, e-commerce startups appeared most (three) followed by fintech (two) with companies in other verticals also adopting digital infrastructure to reach their target markets and ramp up revenue.
Here are Africa’s fastest-growing companies of 2024, based on recent compound annual growth (CAGR) in revenue.
1. OmniRetail
This Nigerian-based e-commerce firm digitises the supply chain from distributors to retailers by embracing a retailer-first, asset-light approach. The startup emerged as Africa’s fastest-growing company in 2024. Over the last three years its compounded annual revenue growth surged by 772.39% to US$139.88 million. The company has over 140,000 small retailers and more than 20 brands enlisted on its platform.
2. Kyosk Digital
Promising to ‘empower traditional Africa retailers, farmers and customers with a digital first, data led platform,’ this e-commerce platform has a presence in Kenya, Uganda, Tanzania and Nigeria. Its B2B platform connects retailers to FMCG manufacturers, serving more than 160,000 small retail shops commonly referred to as kiosks. With over 75,000 weekly orders across more than 40 markets, its revenues grew 647.37% year-on-year to reach US$155.35 million in 2023.
3. Resourgenix Pty Limited.
South African employment services firm Resourgenix Pty Limited came third with a 542.65% growth in revenues, to US$33 million. While its revenues were three times lower than those of the top e-commerce firms, Resourgenix’s model shows how companies in South Africa and across the continent are turning to digital sourcing and talent recruitment.
4. Moniepoint
This Nigerian fintech is already one of Africa’s largest business payments platforms, processing US$43 billion on its platform in the first quarter (Q1) of 2023 alone. It grew its global headcount from 64 to over 1000 between 2018 and 2023 and Q1 2023 revenue was greater than its entire revenue for 2022, according to its website. The FT rankings show it grew year-on-year revenue by 332.31% in 2023.
5. Afex Commodities Exchange
This commodities brokerage firm with a presence in seven countries including its home country Nigeria, Kenya, Uganda Cote d’Ivoire, Dubai, USA, and Netherlands, saw its revenues grow to US$415 million in 2023. That translated into a 287.82% rise. The company offers an all-inclusive online trading platform with a simple user interface, education to the public on alternative investment opportunities (commodities) and portfolio diversification opportunities.
6. Chari
This Moroccan e-commerce company ‘puts the power of e-commerce and financial services in the hands of retailers.’ Through its Chari mobile app, retailers can order a wide range of products at competitive prices with the promise of fast delivery. With over 1,200 products and over 25,000 clients, the company grew its revenues by 248% to US$6.31 million by 2023.
7. Enara Group
The Egyptian renewable energy company saw its revenues grow by 223% to US$4.31 million, powered by a total of 215MW of renewable assets developed and under operation by 2024. The company specialises in originating, financing, investing in, developing and operating renewable energy and utility assets. It has a considerable pipeline of green projects.
8. Yellow Digital Retailers Limited
This Mauritius-based energy and utilities company trades solar home systems by allowing customers in several African countries to pay for the system through monthly instalments. Its revenues rose by 211% to US$28.77. It has over 1,000 agents across six countries serving more than 480,000 customers.
9. Kentegra Biotechnology Epz Limited
This Nairobi-based pyrethrum company specialises in the production of the organic insecticide pyrethrum for home biocide and agricultural and pharmaceutical markets. It saw its revenues grow by 189.77% to US$3.76 million.
10. HearX Group Pty Limted
This South African Health Care & Life Sciences firm’s revenues grew by 178.36% to US$12.28 million, driven by an array of pioneering digital hearing solutions that detect, diagnose and treat hearing loss, around the globe. The company has a presence in 18 countries and has so far conducted more than 2 million tests.
