The company plans to utilise the fresh capital for marketing purposes and overall company development
George Budi Sumantri (CEO ORORI) , third from left
Indonesia’s jewellery and gems e-commerce company ORORI today announced that it secured a “seven-figure” series A funding round from investment company Indonusa Dwitama, existing backers East Ventures, 500 Startups, IMJ Investment Partners, and other undisclosed investors who also participated in the round.
The company plans to utilise the fresh capital for marketing purposes and overall company development, according to CEO George Budi Sumantri.
Over the next three years, Sumantri aims to transform ORORI into the most reputable online jewellery retail operation in the archipelago. To do this, ORORI has come up with several actions for development.
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One key step is globalising the e-commerce site by adding multiple languages, and opening up sales for overseas customers.
ORORI is ambitiously targeting 80,000 annual transactions, with a yearly gross merchandise volume of US$25 million. ORORI also integrates partnering brands into the site in an effort to provide greater varieties to ORORI users.
To date, ORORI has operated as a business-to-consumer (B2C) marketplace. It will soon allow consumer-to-business (C2B) and consumer-to-consumer (C2C) functionalities. This means brands and individuals will come together on the platform to buy and sell gems and jewellery to one another.
Also Read: Online jewellery startup BlueStone bags US$30M to be a cut above the rest
Sumantri says ORORI currently has no direct competitors in Southeast Asia. “However, looking further, we can observe similar business models in India, which are Bluestone and Caratlane,” he said.
“The market size in Indonesia alone is about US$8 billion. The e-commerce landscape for jewellery and gold is still at an early stage for Indonesia. It is a strong indication that this space has high growth potential with sustainable unit economics,” according to an undisclosed ORORI investor in a press statement.
Founded in 2003, Indonusa Dwitama Group is an investment holding company with businesses ranging from tech investments, natural resources mining, shipping and financial services. Startup verticals it previously backed include e-commerce, big data analytics, gaming, marketplaces, and fintech.
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Image Credit: ORORI
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