Iraq E-commerce Marketplace Orisdi raises 6-figure round
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Iraq’s one-stop-shop E-commerce marketplace Orisdi has successfully raised an undisclosed 6 figure amount in its latest funding round. The round, facilitated by Iraqi Angel Investor Network (IAIN), was led by Al Sharqiya TV group and included a matching grant from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ICT for Youth in Iraq” as part of the organization's support to the Angel Network.
Launched in 2019 by Ahmed Al Kiremli and Hala Usama, Orisdi focuses on providing its customers with a wide range of products in a seamless customer experience. The business was bootstrapped at the start, then received investment by a group of angel investors before receiving funding from institutional investors like Innovest. The e-commerce startup has now reached an impressive seven figures in net sales, with over 37,000 product SKUs, making it the fastest-growing e-commerce store in Iraq.
The Iraqi startup scene remains one of the youngest ecosystems across emerging venture markets with a first VC investment recorded only 2 years ago. However, it is safe to say that new players are entering the scene as Iraq observes a 2,320% growth in funding since 2019. While initial investments reflect VC interest in food delivery with Lezzo and AlSaree3 raising first funds, the Iraqi ecosystem has then expanded across industries like E-commerce with Orisdi and Miswag, HealthTech with Tabib Baghdad, and even IT Solutions with Teami.
The retail industry is evolving in Iraq, and consumer behavior has shifted from shopping in physical stores to purchasing online. A few years ago, Iraqi consumers started buying products online via social media platforms, which usually involved a lot of fraud and risk. Seeing a gap in the market for a trusted local e-commerce platform site, Orisdi was founded in 2019, providing Iraq’s consumers with a one-stop-shop for competitively priced products. They offered a reliable delivery and returns policy, a trustworthy and user-friendly platform, and leading customer service. Ahmed Al Kiremli, Co-Founder & CEO of Orisdi says, “Al Sharqiya’s partnership with Orisdi is a significant and strategic milestone for us. It will enhance our standing with both customers and investors and will open new doors in terms of exposure and awareness from millions of Al Sharqiya’s viewers across its TV and digital platforms that will generate new customer segments and scale our sales.”
As the E-commerce industry is still relatively new in Iraq, Orisdi is paving the way with its offerings, focusing on being a customer-centric company and extending its customer lifetime value. Orisdi was the first platform in the Iraqi market to focus on creating a great customer experience and offering 48 hours return & exchange policy with no shipping fee to ensure that the customer has a better shopping experience and to close the gap of the customers who lack trust in online shopping in Iraq. Ali Al Suhail, the Network Manager for the Iraqi Angel Investors Network commented: “As KAPITA, we are very happy to see leading Iraqi businesses investing in local startups, Iraq holds huge potential as a digital market but capital will be critical in unlocking this potential.”
As part of its investment, Al Sharqiya will promote Orisdi’s brand through regular TV spots, across its social media pages, in addition to complimentary coverage of Orisdi and the E-commerce, technology, digital innovation, and general business startup scene in Iraq on Al Sharqiya’s suite of reality TV shows, and news programming. This investment will give the Iraq-based E-commerce platform the right growth capital and support to further develop its platform and grow its market share. Mohsen Khairaldin, Managing Director for Investments at Al Sharqiya Group concluded “we are delighted to partner with Orisdi as part of our growing interest in supporting the digital start-up sector in Iraq and the vital contributions private-sector companies can make towards solving day-to-day challenges for Iraqis. As one of Iraq’s leading and fastest-growing E-commerce players, we believe that Orisdi provides a valuable service that more Iraqis can benefit from as awareness of its brand increases over time”.
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