Orisdi, a leading e-commerce platform based in Iraq, has successfully raised a significant amount of funding in a recent bridge round.
This investment, which closed in April 2024, will further support Orisdi’s growth and underscore the expanding potential of Iraq’s e-commerce market.
The funding was backed by both new and existing investors who believe in Orisdi’s vision and potential. Notable contributors include Al Sharqiya TV Group, Iraq Venture Partners (IVP), and several prominent angel investors such as Amar Shubar, Nour Sabri, Mazin Yaseen, Mohammed Faraj, Rayya Al Zubaydi, Naveed Pasha, and Ahmed Al Kiremli.
Founded in 2019 by Ahmed Al Kiremli and Hala Usama, Orisdi offers a diverse range of products, from perfumes and cosmetics to appliances, stationery, and electronics. The platform has seen significant progress since its last funding round in October, supported by Al Sharqiya TV Group and other angel investors.
With this latest round of investment, Orisdi aims to strengthen its business development and highlight the growing opportunities in Iraq’s e-commerce sector. Ahmed Al Kiremli, Co-Founder and CEO, expressed excitement about the progress: “We are thrilled with how far Orisdi has come. This new investment will help us reach our highest revenue levels to date and move closer to profitability. We are on track to become the first major e-commerce store in Iraq to achieve this milestone.”
Orisdi’s business model focuses on delivering an exceptional customer experience and expanding its product offerings while maintaining financial efficiency. The company has seen impressive growth, including a 28.67% increase in revenue in 2023 compared to the previous year and a significant boost in profitability margins.
Understanding the importance of cultural connection, Orisdi aims to authentically represent Iraqi consumers rather than relying on stereotypes. This approach has helped establish Orisdi as a trusted shopping destination, linking the brand with the cherished tradition of Iraqi family shopping.
The name “Orisdi” pays homage to a popular department store from the early 20th century in Iraq, known as “Orosdi-Back.” The name was affectionately shortened by locals to “Orisdi” or “Orizdi,” and Orisdi aims to revive the nostalgia associated with that historic store through its unique online shopping experience.
As Iraq’s government focuses on improving the private sector and attracting investments, the country’s growing market potential positions it as a promising new growth area in the MENA region. With a better business environment, improved security, high purchasing power, and rich resources, Iraq is set to become a key player for startups and investors, offering exciting opportunities in the e-commerce space.
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