- Iraq-based e-commerce platform Orisdi has raised a six-figure bridge round investment with the backing of existing investors, including Al Sharqiya TV Group, Iraq Venture Partners (IVP) and 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 wide range of products across various sectors, including fragrances, cosmetics, electrical appliances, stationery and electronics.
- Last October, Orisdi raised a new bridge round of funding from Al Sharqiya TV Group and angel investors.
- The funding round, which closes in April 2024, will further strengthen Orisdi's business development efforts and highlight the fast-growing potential of Iraq's e-commerce sector.
Source: Iraqi Innovators
Orisdi, Iraq's leading and number one vertically integrated fragrance e-commerce store, has announced the successful completion of a six-figure bridge investment round. This latest funding round, which closes in April 2024, will further strengthen Orisdi's business development efforts and highlight the fast-growing potential of Iraq's e-commerce sector.
The investment round included participation from both new and existing investors, signaling strong confidence in Orisdi's strategic vision, efficient approach and growth potential. Leading investors include Al Sharqiya TV Group, Iraq Venture Partners (IVP), Amar Shubar, Noor Sabri, Mazin Yaseen, Mohammed Faraj, Raya Al Zubaidi, Naveed Pasha, Ahmed Al Khilemli and other notable figures in the business world.
“We are proud of the incredible progress Orisdi has made since its inception. With this new investment, we expect to achieve our highest profit levels since our founding in 2024. We are very close to breakeven and expect to achieve profitability in 2024, making Orisdi the first major e-commerce store in Iraq to achieve profitability,” said Ahmed Al Kilemli, co-founder and CEO of Orisdi.
Orisdi's business model has consistently focused on improving customer experience, expanding successful product categories, and implementing a highly efficient economic model to avoid reliance on high levels of investment due to the lack of access to capital in Iraq. The company has experienced significant growth across a range of metrics, including a 28.67% YoY increase in revenue in 2023 and a significant improvement in profitability, reaching an average of +30% over the past six months.
Recognizing the power of cultural connections in Iraqi society, Orisdi's business model was built to strive to authentically represent the Iraqi consumer rather than perpetuate stereotypes that negate the rise of name recognition. This has earned Orisdi a position in the market where consumers recognize Orisdi as the place to go for their shopping needs while also associating the name with a long tradition of Iraqi family shopping experiences.
The Orisdi brand name was inspired by a famous Iraqi department store that gained widespread popularity in the early 20th century under the name “Orosdi-Back”. In Iraqi dialect, most people pronounced it as “Orisdi” or “Orizdi”. Orisdi hopes to rekindle customers' memories of this famous store and provide them with a unique online shopping experience.
The current Iraqi government has made a significant effort to improve the private sector and has made great strides in attracting investment and improving the business environment. This supportive environment and Iraq's large market potential position it as the next big growth market in the MENA region after the UAE and Saudi Arabia. While other regional markets such as Egypt, Turkey and Pakistan present challenges, Iraq's improving security situation, high purchasing power, abundant natural and human resources, and strategic location offer promising opportunities for startups and investors.
