Orisdi Secures Six-Figure Investment to Propel E-Commerce Growth in Iraq

Orisdi, the leading vertically integrated and number one fragrances e-commerce store in Iraq, has successfully concluded a six-figure bridge round of investment.

This latest funding round, which closed in April 2024, will significantly bolster Orisdi’s business development efforts and underscore the growing potential of the e-commerce sector in Iraq.

The investment round saw participation from both new and existing investors, reflecting strong confidence in Orisdi’s strategic vision, efficient approach, and growth potential.

Key investors include Al Sharqiya TV Group, Iraq Venture Partners (IVP), Amar Shubar, Nour Sabri, Mazin Yaseen, Mohammed Faraj, Rayya Al Zubaydi, Naveed Pasha, and Ahmed Al Kiremli, among other prominent figures in the business community.

“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.

Orisdi’s business model has consistently focused on enhancing customer experience, expanding successful product categories, and implementing a highly efficient economic model to avoid dependency on high levels of investment due to the lack of access to capital in Iraq.

The company has experienced substantial growth across various metrics, including a 28.67% revenue increase in 2023 compared to the previous year, and significant improvements in profitability margins, reaching an average of +30% in the last six months.

Recognizing the cultural connection within Iraqi society, Orisdi’s business model was established to authentically represent Iraqi consumers rather than perpetuate stereotypes.

This has helped Orisdi become the go-to place for shopping needs while connecting its name with the long tradition of Iraqi family shopping experiences.

The brand name “Orisdi” is inspired by the famous “Orosdi-Back” department store in Iraq, popular in the early 20th century.

In the Iraqi dialect, it was commonly pronounced “Orisdi” or “Orizdi.” Orisdi aims to reconnect customers with the memories of this well-known store and offer them a unique online shopping experience.

The current Iraqi government has noticeably intensified its focus on improving the private sector, making significant strides in attracting investments and fostering a better business environment.

This supportive landscape, combined with Iraq’s substantial market potential, positions the country as the next big growth market in the MENA region, following the UAE and Saudi Arabia.

Despite challenges in other regional markets like Egypt, Turkey, and Pakistan, Iraq’s improved security situation, high purchasing power, rich natural and human resources, and strategic location offer a promising opportunity for startups and investors.

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.

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