This special live podcast session was recorded at Ventures Park, Lagos, during Ventures Platform’s in-person mixer for portfolio founders on July 27, 2024
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My guest today is Deepankar Rustagi, a seasoned tech entrepreneur and one of the sharpest minds in Nigeria’s B2B commerce space. I’ve known Deepankar for over seven years, going back to his days at Vconnect. He was one of the very first guests on this podcast in 2017, where we discussed his journey - how he started, what led to the company he was building at the time, and the broader lessons from founders navigating Nigeria’s startup landscape.

Fast-forward to July 2024, I reconnected with him - this time, to dive into profitability and the evolution of his latest venture, OmniRetail - an asset-light B2B e-commerce platform redefining trade for retailers and suppliers across Africa.

Later that month, my team decided to bring one of our podcast episodes to life at our mid-year in-person portfolio event - a live session designed for founders to not just listen, but actively engage, ask questions, and leave with real, applicable insights. Naturally, Deepankar was the perfect guest to expand on our earlier conversation—delving deeper into his business model, the realities of scaling profitably, hiring top talent, and making tough strategic decisions as a founder.

What does it really take to build a million-dollar business in Africa’s fast-moving tech ecosystem?

In this VP Special Live Podcast, I sit down with Deepankar to unpack it all. Our conversation covers:

• Navigating Asset-Light vs. Asset-Heavy Models: The conversation unpacks the trade-offs between the two models, emphasizing why OmniRetail's asset-light approach - focused on data ownership and ecosystem partnerships - has been key to its success.
• The Role of Timing & Infrastructure in Business Viability: Highlighting the importance of aligning business strategy with market maturity, available infrastructure, and shifting consumer behaviors.
• Data-Driven Profitability at Scale: Discussing how OmniRetail’s meticulous approach to data ensures unit economics remain positive, enabling the company to scale profitably rather than chase top-line growth at unsustainable costs.
• The Power of Strategic Partnerships & Vertical Integration: How collaborating with key players - rather than trying to own everything - creates efficiency, enhances profitability, and drives long-term competitive advantage.
• Culture & Team as Key Assets in an Asset-Light Model: A compelling story on talent retention, hiring strategically, and why company culture plays a critical role in building a resilient and high-performing team.
• Managing Board Relationships Effectively: Reflecting on lessons learned in working with a board, emphasizing the importance of leveraging board members’ expertise while maintaining strategic autonomy.

If you are a founder, investor, or just fascinated by Africa’s startup landscape, this is one conversation you can’t afford to miss.

Enjoy listening!