The Iraq-based e-commerce business 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 new investors like 3B Starlight Investment, Ahmed Gorani, Naveed Pasha, Hassan Al Shawaf, Ali Jawad, Zaid Al Khatib, and others, and 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 more than $1 million.
Orisdi describes itself as 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.
Ahmed Al Kiremli, the Founder & CEO of Orisdi, commented:
“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. … In addition, we are launching our new division of cross-border commerce soon.”
Nour Sabri, the first investor of Orisdi who first invested in 2019 and then participated in all of the following investment rounds, commented:
“Orisdi is growing efficiently and on its way to profitability. Orisdi team demonstrated 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, one of the new investors of 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.”
The company said it, “remains open to raising additional funds to facilitate the company’s growth.”