Two Ugandan companies, AgroSupply Ltd and Med-Optics Vision Centre Ltd have been named for the 2024 Financial Times List of the Fastest Growing Companies in Africa. This marks the first time that any Ugandan company has made this list which is now in its third year. The Financial Times list, which features 125 companies across multiple countries, is based on the highest compound annual growth in revenues (CAGR) between 2019 and 2022.
Agro Supply, founded in December 2016 by Ugandan entrepreneur Joseph Ogwal, is a mobile layaway platform that helps smallholder farmers in Africa access agricultural inputs like seeds and fertilizers through a network of over 250,000 retailers and farmers across Uganda, Kenya, Tanzania, and Nigeria.
AgroSupply sources inputs from seed companies, conducts R&D, and provides digital and on-farm training to farmers, while also offering a ready market for their produce.
The company aims to increase yields and incomes by improving access to climate-resilient inputs and removing the need for credit, a model that has earned Agro Supply recognition as the 13th Fastest Growing Company in Africa in 2024. Its revenue grew from $150,000 in 2019 to $2.29m in 2022, a CAGR of 150%.
The second company, Med-Optics Vision Centre Ltd, was further down in the 125th position. Med-Optics Vision Centre is a private eye care company established in 2002 in Uganda to provide high-quality vision services.
Anguyo Dralega founded the company, and it has since grown to operate seven service centres across the country. Med-Optics offers a range of comprehensive eye care services, including eye exams, personalised eyewear solutions, and the use of advanced technologies and innovative techniques to treat vision-related issues. Its revenue grew from $1.46m in 2019 to $1.88m in 2022, a CAGR of 8.6%.
To be eligible for inclusion in the ranking, companies had to meet several criteria. They must have generated revenue of at least US$100,000 in 2019 and at least US$1.5 million in 2022, with growth being primarily organic. Additionally, the companies had to be independent, headquartered in an African country, and report their figures in US dollars or the local currency equivalent.
The application phase for the ranking ran from October 9, 2023, to February 29, 2024, during which companies were invited to participate through various channels, including post, email, and online advertising. The submitted revenue figures were certified by the companies’ executives and then processed and checked by Statista, the research firm responsible for compiling the ranking. The minimum CAGR required for inclusion this year was 8.62 per cent.
Tribunal Backs URA in UGX 10.2 Billion Century Bottling Tax FightThe list was dominated by South Africa (42 companies) and Nigeria (25 companies). In third, Kenya tied with Morocco with 12 companies each, while Mauritius, which is a preferred location for domiciling companies came fifth with 9 companies on the list headquartered there.
The fastest-growing company on the list is Nigeria’s OmniRetail, an e-commerce startup founded in 2019. OmniRetail houses three main business units – Omnibiz, Mplify, and Omnipay. Over 65,000 retailers across Africa use its platform to order products and access financial services like credit and buy-now-pay-later options.
The company’s revenues skyrocketed from just $250,000 in 2019 to an impressive $139.8 million in 2022, representing a staggering 772.39% compound annual growth rate (CAGR).
The company’s rapid expansion highlights the growing digital transformation in Africa’s retail sector, defying the struggles faced by many e-commerce firms in Nigeria dealing with dwindling venture funding and high inflation.
Second was Mauritius-domiciled Kyosk Digital, a tech-led platform that connects informal retailers across Africa, primarily those operating in kiosks and similar retail outlets, directly to fast-moving consumer goods (FMCG) suppliers.
The platform facilitates digital ordering and delivery of goods to these retail outlets at competitive prices. Kyosk was founded in Kenya by Raphael Afaedor and has expanded to Uganda, Tanzania, and Nigeria. From 2019 to 2022, its revenue grew from $0.37m to $155m, a CAGR of 647%.
While the Financial Times Africa’s Fastest Growing Companies ranking aims to be comprehensive, it does not claim to be complete, as some companies may have chosen not to participate or make their figures public. Nevertheless, the list provides a valuable snapshot of the continent’s most successful and rapidly growing businesses, offering insights into the diverse industries and regions driving Africa’s economic progress.
