(MENAFN- Iraq Business News)
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.'
(Source: Orisdi)
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