(MENAFN- Iraq Business News) By John Lee.
The Iraqi, vertically integrated, e-commerce store Orisdi has successfully concluded a six-figure bridge round of investment.
The company said in a press release that the funding was arranged in August, and included both new investors and existing shareholders, such as Al Sharqiya TV Group, Amar Shubar, Ahmed Sultani, Naveed Pasha, Hassan Al Shawaf, Zainab Kufaishi, Ahmed Al Kiremli, Ahmed Gorani, Mohammed Faraj, Rayya Al Zubaydi, and Nour Sabri.
Following this latest round, Orisdi has now raised a total of more than $1 million in investment.
The company is focused on multiple categories, including perfumes, cosmetics, and appliances.
Orisdi's brand name is inspired by a famous department store in Iraq that enjoyed wide popularity at the beginning of the 20th century, using the name "Orosdi-Back". It was renowned for its wide selection of products, brands, and competitive pricing. In the Iraqi dialect, most people pronounced it "Orisdi" or "Orizdi". Orisdi wants to reconnect with customers' memories of this well-known store and offer them an online shopping experience entirely new to Iraq.
Orisdi said it experienced substantial growth in net Gross Merchandise Value (GMV) in March, April, May, June, and July 2023, with increases of 19%, 33%, 41%, 42%, and 73%, respectively, compared to the same months in 2022. Since its inception in 2019, Orisdi has attracted over 5 million visitors, highlighting its significant online presence and popularity.
Ahmed Al Kiremli (pictured), the Co-Founder and CEO of Orisdi, shared his vision, stating:
"We remain committed to enhancing the customer experience and expanding our successful product categories, characterized by a highly efficient economic model. Additionally, we'll allocate funds to develop our cross-border commerce division by launching 'Orisdi Global' a new app enabling customers to seamlessly shop from international e-commerce brands from the US and with access to a wider variety of millions of products, with Orisdi managing logistics for doorstep deliveries across Iraq.
"We plan to extend this service to other international markets, including the GCC, China, Turkey, and Europe. This expansion complements our focus on providing a diverse selection of brands available locally, ensuring a comprehensive shopping experience for our customers."
Orisdi's holding company is registered in the Abu Dhabi Global Market (ADGM), providing a solid legal foundation for the company and its investors.
Al Kiremli added:
"Orisdi has the potential to achieve significant growth efficiently. However, raising capital for an Iraqi startup remains a formidable challenge, redirecting our focus towards reaching breakeven or exploring M&A opportunities. Yet, the potential within a vast market of 45 million people such as Iraq is immense, Iraq stands as the fourth prime candidate in the Arab region for emerging and burgeoning startups seeking expansion opportunities, following the markets of the UAE, Saudi Arabia, and Egypt.
"Iraq's substantial population, high purchasing power, rich natural and human resources, and strategically advantageous geographical location create an inviting landscape for growth. Iraq boasts the world's fifth-largest oil reserves at 143 billion barrels, accounting for 8.4% of the global share. The country is also making significant strides in connectivity and digital adoption, with over 101.7% cellular mobile connections and 75% internet usage among its 45 million inhabitants.
"With an average age of 20.2 years, Iraq is a youthful and dynamic market ready for innovation. Moreover, Iraq's security situation has notably improved, surpassing many countries with substantial investments, making it a potential destination for business ventures. It's time to reshape the perception of Iraq and recognize its immense potential, offering an attractive opportunity for local, regional, and international investors seeking a foothold in Iraq's promising e-commerce future."
(Source: Orisdi)
The post Iraqi e-Commerce Venture Orisdi secures Six-Figure Investment first appeared on Iraq Business News .
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