Orisdi, Iraq’s 1 fragrances e-commerce store and vertically integrated leader, closes a six-figure bridge round. This current fundraising round, which ended in April 2024, will strengthen it’s corporate development activities and emphasise Iraq’s e-commerce potential.
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New and previous investors supported it’s strategic vision, efficient strategy, and development potential in the investment round. Al Sharqiya TV Group, Iraq Venture Partners (IVP), Amar Shubar, Nour Sabri, Mazin Yaseen, Mohammed Faraj, Rayya Al Zubaydi, Naveed Pasha, Ahmed Al Kiremli, and other significant businesspeople are investors.
We are proud of the tremendous progress Orisdi has made since its inception. With this new investment, we expect to achieve the highest revenue level in 2024 since our founding. We are very close to the breakeven point and anticipate becoming profitable in 2024, making Orisdi the first major e-commerce store in Iraq to achieve profitability,” said Ahmed Al Kiremli, Co-Founder and CEO of Orisdi.
It’s business approach has concentrated on improving customer experience, extending successful product categories, and creating a highly efficient economic model to minimise expensive investment due to Iraq’s capital shortage.
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The company’s sales increased 28.67% in 2023 and profitability margins improved by up to 30% in the last six months.
Orisdi’s business model capitalises on Iraqi society’s cultural link by honestly representing consumers rather than reinforcing stereotypes that reduce exposure. This has helped Orisdi become the name consumers trust for their shopping requirements and connect it to the ancient legacy of Iraqi family shopping.
It’s name comes from a major Iraqi department store called “Orosdi-Back” in the early 20th century. Most Iraqis pronounced it “Orisdi” or “Orizdi”. Orisdi aspires to bring back consumers’ memories of this famous store and offer a unique online shopping experience.
The current Iraqi administration has significantly improved the private sector, attracting investments and boosting business conditions. Iraq is the next large growing market in MENA after the UAE and Saudi Arabia because to its supporting environment and market potential. Even if Egypt, Turkey, and Pakistan are struggling, Iraq’s improved security, high purchasing power, rich natural and human resources, and strategic location offer businesses and investors a promising chance.
About Orisdi
Orzdi is the first online shopping site in Iraq that prioritises consumers’ convenience and needs in all of its products and services.
