Orisdi, an e-commerce company, has a net sales volume of over one million yuan and aims to become the "Amazon of Iraq".

Orisdi was founded in February 2019. The platform's product categories cover electronics, fashion, stationery, baby products, toys, health and beauty, electrical appliances and kitchen supplies , with more than 30,000 product SKUs.

Orisdi has developed at an amazing speed. In May 2019, Orisdi launched its platform logistics; on May 22, the platform's official website orisdi.com was launched; in June, the platform's mobile app was officially launched. Since the platform was launched, Orisdi's monthly compound growth rate has reached 23%, and the platform's net sales have reached the million-dollar level.

Orisdi official website

Ahmed Al Kiremli, co-founder and CEO of Orisdi, said: “ Orisdi’s vision is to become the Amazon of Iraq, and what enables us to achieve this is our customer-centric approach, which puts the needs and convenience of our customers at the heart of all our operations.”

Bassam Falah, head of Middle East Venture Capital, one of the first venture capital firms to enter the Iraqi market, said: "Despite the challenges, we are optimistic about Iraq's potential and the long-term prospects for business opportunities. Our investment in Orisdi is a testament to our confidence."

According to Statista data, Iraq's e-commerce scale will reach US$4.212 billion in 2021 and will grow at a rate of 10.05%. The market size is expected to reach US$6.177 billion by 2025. The largest market segment is food and personal care products , which is expected to reach US$1.156 billion in 2021. In terms of users, Iraq's e-commerce penetration rate will reach 43.6% in 2021.

However, the Iraqi e-commerce market is still in its early stages. Amar Shubar, head of Management Partners Consulting, which participated in the financing, said that in addition to a convenient shopping experience and a wider range of products, Iraqi consumers also prefer products with favorable prices . Coupled with the recent depreciation of the Iraqi dinar (Iraqi currency), this trend is even more obvious. Due to the high distribution rate and shrinking economic scale faced by traditional retail stores in Iraq, their product prices are 20%-30% higher than those in the UAE.

Other investment executives said that despite this, Iraq's e-commerce market still has potential, and they also believe that Orisdi can become the leader of Iraq's e-commerce.

middle East

Iraq

Orisdi