Orisdi Closes Six-Figure Bridge Funding Round, Eyes Iraq's E-Commerce Growth

Orisdi, Iraq's top fragrance e-commerce platform and vertically integrated market leader, has successfully closed a six-figure bridge funding round. Concluding in April 2024, this funding aims to bolster Orisdi's corporate development initiatives and highlight the potential of Iraq's e-commerce sector.

The investment round garnered support from both new and existing investors who believe in Orisdi's strategic vision and operational efficiency. Notable 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, along with other key business figures.

"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 strategy focuses on enhancing customer experience, expanding successful product categories, and developing an efficient economic model to mitigate high investment costs amid Iraq's capital constraints. The company's sales surged by 28.67% in 2023, with profitability margins improving by up to 30% in the last six months.

Source: Startup Rise Asia