Iraq: Orisdi, an E-commerce startup based in Iraq, has raised a six-figure bridge round, led by Innovest Middle East and a group of angel investors, including Amar Shubar, a partner at Management Partners Consulting, and Omar Al-Handal, the Managing director of Al Handal International Group.
Founded in February 2019 by Ahmed Al Kiremli, Hussain Ali, and Azer Al Akaish, Orsidi focuses on providing customers with a wide range of products with a unique customer experience. The three co-founders bootstrapped the E-commerce startup that now has over 30,000 product SKUs. Orisdi states that the compound monthly growth rate since launching has been 23%, with a plan to grow an additional 15% month over month.
The founders saw a gap in the market for a trusted local E-commerce platform site, due to the risk involved in products sold online via social media platforms.
As the E-commerce industry is still relatively new in Iraq, Orisdi focuses on being a customer-centric company and extending its customer lifetime value. It aims to offer a great customer experience by providing various benefits such as a 48 hours return and exchange policy with no shipping fee, closing the gap of the customers who lack trust in online shopping in Iraq.
Omar Al-Handal, Managing Director of Al Handal International Group said, “For the past two years, Al-Handal International Group has been closely monitoring the exponential growth in the Iraqi online market, specifically E-commerce, which demonstrated promising results for the future. After conducting various business studies between different E-commerce businesses, we are confident that Orisdi would be the perfect fit for us, as they are held to be leaders in the Iraqi online market’’.
Ahmed Al Kiremli, Co-Founder & CEO of Orisdi commented on the new round, “Orisdi’s vision is to be the Amazon of Iraq, and what will enable us to achieve this big vision is our customer obsession approach, the brand, product range, our cutting edge marketing techniques and the efficiency of our processes. Our top priority is putting customer needs and convenience at the center of everything we do across all departments by providing a great customer experience as a customer-centric company’’.