<article>Indonesia’s first jewelry e-commerce site <a style="color: #000080;" href="https://www.orori.com/" target="_blank">ORORI</a> has landed a ‘seven-figure’ series A funding round from <a style="color: #000080;" href="http://www.indonusadwitama.com/" target="_blank">Indonusa Dwitama</a>.</article>

Indonesia’s first jewelry e-commerce site <a style="color: #000080;" href="https://www.orori.com/" target="_blank">ORORI</a> has landed a ‘seven-figure’ series A funding round from <a style="color: #000080;" href="http://www.indonusadwitama.com/" target="_blank">Indonusa Dwitama</a>.
The firm said it plans to use the funds for marketing purposes and overall company development.
Existing backers <a style="color: #000080;" href="http://east.vc/" target="_blank">East Ventures</a>, <a style="color: #000080;" href="http://500.co/" target="_blank">500 Startups</a>, <a style="color: #000080;" href="http://www.imj-ip.com/en/" target="_blank">IMJ Investment Partners</a>, and other undisclosed investors also participated in the round.
ORORI was established in early 2004, claiming to be the first e-commerce platform in Indonesia to deal solely in gems, gold, and jewelry. Over the next three years, ORORI will open itself to the international market, and will be adding multiple languages to the site.
George Budi Sumantri, ORORI CEO revealed that his company is targeting about 80,000 annual transactions with a yearly gross volume of $25 million. To reach the ambitious target, the firm will integrate partnering brands into the site, offering greater varieties to users.
Moreover, he added, the company will soon allow customer-to-business (C2B) and customer-to-customer (C2C) functionalities. This means brands and individuals will be able to buy and sell items to one another in a free, diverse online playground.
“Our vision is to be able to provide customers with a seamless experience of the full ecosystem,” Sumantri said.
ORORI has no direct competitors in Southeast Asia. Similar business models, however, can be found in India, led by <a style="color: #000080;" href="http://www.bluestonewales.com/" target="_blank">Bluestone</a> and <a style="color: #000080;" href="https://www.caratlane.com/" target="_blank">Caratlane</a>.
“Being the pioneer of the space locally, we are confiedent that the marketplace will not only change consumer behavior about buying jewelry online, but will also help reputable brands in the industry to extend their business beyond just brick-and-mortar,” said Sumantri.
Sumantri started his venture as a jewelry trader in 2003. After only one year, he made the decision to close down the shop and move the operation online.
It was a bold move, considering 80 per cent of the business came from offline channels. Nevertheless, the strategy proved to be a big success, driven by the Indonesian e-commerce boom that followed after.
“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.
ORORI’s main investor, 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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Indonesia: Jewellery site ORORI grabs Series A from Indonusa Dwitama, others

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Indonesia: Jewellery site ORORI grabs Series A from Indonusa Dwitama, others

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