The successful completion of a six-figure bridge investment round has been announced by Orisdi, the top fragrance e-commerce store in Iraq and the leading vertically integrated retailer. In addition to highlighting the growing potential of the e-commerce industry in Iraq, this most recent funding round, which concluded in April 2024, will strengthen Orisdi’s business development initiatives.
Participation in the investment round from both new and existing investors showed that Orisdi’s strategic vision, effective methodology, and growth potential are highly regarded. Al Sharqiya TV Group, Iraq Venture Partners (IVP), Amar Shubar, Nour Sabri, Mazin Yaseen, Mohammed Faraj, Rayya Al Zubaydi, Naveed Pasha, Ahmed Al Kiremli, and a number of other well-known businesspeople are among the major investors.
“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 has always centered on improving customer experience, growing profitable product categories, and putting in place a highly effective economic model to stay away from relying too heavily on large amounts of investment because capital is scarce in Iraq. The business has seen notable improvements in a number of areas, such as profitability margins, which have improved significantly over the last six months to an average of +30%, and revenue growth of 28.67% in 2023 over the prior year.
Orisdi’s business model was developed with the understanding of the importance of cultural ties in Iraqi society. Rather than promoting false stereotypes that outweigh the benefits of visibility, Orisdi’s goal is to accurately represent Iraqi consumers.
This has enabled Orisdi to hold a position in the market where customers consider it to be the place they always go when they need to shop and associate the brand with the longstanding custom of family shopping in Iraq.
The renowned department store in Iraq that went by the name “Orosdi-Back” and was extremely well-known at the start of the 20th century served as the model for the Orisdi brand. Most speakers of the Iraqi dialect pronounce it as “Orisdi” or “Orizdi.” By providing them with a distinctive online shopping experience, Orisdi hopes to rekindle customers’ memories of this well-known store.
Significant progress has been made in attracting investments and creating a better business environment by the current Iraqi government, which has clearly increased its focus on developing the private sector. Iraq is positioned to become the next major growth market in the Middle East and North Africa (MENA) region, after Saudi Arabia and the United Arab Emirates, thanks to its favorable environment and significant market potential. Iraq’s enhanced security, affluent natural and human resources, high purchasing power, and advantageous location present a promising opportunity for startups and investors, despite difficulties in other regional markets such as Egypt, Turkey, and Pakistan.
