Iraq-based e-commerce startup, Orisdi, raised a $220,000 bridge round in January 2023 to reinforce the continuous growth of the business and the growing potential of e-commerce in Iraq.
The round included the participation of new investors like 3B Starlight Investment, Ahmed Gorani, Naveed Pasha, Hassan Al Shawaf, Ali Jawad, Zaid Al Khatib, and more, alongside existing investors like Al Sharqiya TV Group, Amar Shubar, Ahmed Al Kiremli, Nour Sabri, Rayya Al Zubaydi, and Zainab Kufaishi.
The total investment raised by Orisdi so far is over seven figures in USD. Orisdi is a leading vertically integrated e-commerce store in Iraq that offers buyers a convenient shopping experience for a wide range of products to disrupt the Iraqi retail market. Orisdi is focused on multiple categories, including perfumes, cosmetics, appliances, stationery, and electronics.
“We have been focused on improving efficiency and increasing margins, and our efforts have paid off. We are now averaging 28-31% margins and are well positioned for growth in a market with strong growth potential for e-commerce. We continue to focus on the customer experience and our winning categories as a vertically integrated ecommerce store. In addition, we are launching our new division of cross-border commerce soon.”
Ahmed Al Kiremli Founder & CEO of Orisdi
Nour Sabri, one of Orisdi’s first and continuous investors since 2019 commented, “Orisdi is growing efficiently and is on its way to profitability. The Orisdi team demonstrated that they could achieve more
with less, which is impressive for such a young company. I am excited to be part of their journey.”
Ali Jawad, a new investor in Orisdi, commented, “Ignoring the huge potential in the Iraqi market, especially e-commerce, is a huge mistake. That’s exactly why I’m investing in Orisdi.”
Al Kiremli added: “We successfully developed an efficient growth formula, each $1 invested in our growth plans is generating $3.5-$4.5 in net GMV, which is an important milestone; this will provide a more attractive opportunity for local, regional and international investors looking for exposure to Iraq’s e-commerce future.” So If you are an angel investor or a VC interested in investing in the Iraqi tech ecosystem, Orisdi remains open to raising additional funds to facilitate the company’s growth.