Iraq’s Orisdi closes $220,000 Bridge round
- Iraq-based e-commerce platform Orisdi has raised $220,000 in a Bridge round.
- The round was closed in January and saw participation from Al Sharqiya TV Group and 3B Starlight Investment, along with angel investors.
- Founded in 2019 by Ahmed Al Kiremli and Hala Usama, Orisdi offers a range of products across various verticals including perfumes, cosmetics, appliances, stationery and electronics, among others.
- The funding will be utilised to enhance Orisdi’s growth.
E-commerce platform Orisdi has raised $220,000 in a Bridge round. The round was closed in January and saw participation from Al Sharqiya TV Group and 3B Starlight Investment, along with angel investors. Orisdi is a 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. We continue to focus on the customer experience and our winning categories as a vertically integrated E-commerce store. In addition, we are launching our new division of cross-border commerce soon.”
The funding from this round will be utilized to reinforce the growth of the business and the growing potential of E-commerce in Iraq. 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.”