Leading Iraqi e-commerce platform Orisdi has secured a significant six-figure bridge investment round supported by a consortium of investors, including Al Sharqiya TV Group, Iraq Venture Partners (IVP), and prominent angel investors such as Amar Shubar, Nour Sabri, and Mazin Yaseen.
Ahmed Al Kiremli and Hala Usama founded Orisdi in 2019. Since then, it has quickly established itself as a key player in Iraq’s burgeoning e-commerce sector.
The company’s product offerings span a wide range of categories including perfumes, cosmetics, appliances, stationery, and electronics, catering to diverse consumer needs across the country.
Orisdi’s latest funding round underscores its commitment to robust business development initiatives and highlights the growing potential of e-commerce in Iraq.
According to Ahmed Al Kiremli, Co-Founder and CEO of Orisdi, this investment sets the stage for achieving record revenues in 2024 and positions the company on track to profitability.
The e-commerce platform has achieved notable growth metrics, including a substantial 28.67% increase in revenue in 2023 compared to the previous year.
Moreover, Orisdi has significantly improved its profitability margins, reaching an average of +30% over the last six months.
This success is attributed to a strategic focus on enhancing customer experience and optimizing operational efficiency, which has minimized the need for high capital investment in a challenging economic environment.
Iraq’s evolving economic landscape, bolstered by governmental support for private sector growth, positions the country as a promising market within the MENA region.
Despite challenges in neighbouring markets, Iraq benefits from improved security conditions, robust purchasing power, and abundant natural resources.
These factors contribute to a conducive environment for startups and investors seeking growth opportunities.
Looking ahead, Orisdi remains focused on expanding its product categories and enhancing its technological infrastructure to meet growing consumer demands.
The company’s strategic vision includes leveraging its strong market position to further consolidate its leadership in Iraq’s e-commerce space.
