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PUC to invest US$23 million in e-commerce platform 11 Street Malaysia

11Street
PUC to invest US$23 million in e-commerce platform 11 Street Malaysia

11 Street Malaysia

23/4/2018 – Malaysian investment holding company PUC Berhad said that it will make a MYR 90 million (about US$23 million) investment in Celcom Planet Sdn Bhd (CPSB), which indirectly grants it the management control of Malaysia e-commerce platform 11Street Malaysia.

In a filing with Bursa Malaysia, PUC entered into a term sheet with Celcom Planet Sdn Bhd, Axiata Digital Services Sdn Bhd (ADS) and SK Planet Global Holdings Pte Ltd (SKP) for the proposed deal. Celcom Planet is a joint venture between ADS and SKP, which owns and operates the 11Street Malaysia e-commerce platform.

The deal will pave the way for the group to increase potential revenue streams in advertising media and financial services, as well as rights to nominate and appoint the chief executive officer and chief marketing officer of 11Street Malaysia.

PUC Berhad is a company that provides integrated media, e-commerce, and technology services. It offers media planning and execution services that help advertisers to build their branding and achieve marketing objects.

The company owns and operates a social marketing and e-wallet platform known as Presto, and expects to benefit from 11Street Malaysia e-commerce infrastructure and cross markets its services to the consumer and merchant base of 11Street Malaysia.

11Street was originally a leading e-commerce company in South Korea, operating under the management of SK Planet Co., Ltd. In 2015, it expanded its operations to Malaysia by partnering with Axiata Group and establishing 11Street Malaysia.

According to PUC, “The impact of the investment on the group’s share capital and shareholding structure will be announced at the later date when the equity fundraising component of the overall funding structure for the investment is finalized and announced.”

Indonesia’s Jewelry e-tailer ORORI raises fresh funding for business expansion

ORORI
Indonesia’s Jewelry e-tailer ORORI raises fresh investment

ORORI

20/4/2018 – ORORI, an Indonesian jewelry e-commerce site has recently revealed that the startup is raising a fresh funding round for operations, product development, and user acquisition.

George Budi Sumantri, the Founder and CEO of ORORI said that the startup has initiated talks with few local and foreign VCs to raise a Series B funding round and is targeting to close the financing by the final quarter of 2018.

Previously, the startup has raised a reported seven-figure Series A round in 2016, which was led by Indonusa Dwitama with the participation by 500 Startups, East Ventures, and Spiral Ventures.

Sumantri confirmed that existing investors will contribute in the upcoming funding round but declined to disclose the names of other investors or the amount of funding the startup is looking to invest in the company.

ORORI was established in 2004 as a pioneer of an online jewelry store in Indonesia. The name was taken from the word ORO, which means gold in the Italian language, and RI as the acronym of the word Ring

It claims to be the first e-commerce platform in Indonesia to deal solely in gems, gold, and jewelry. The startup aims to be profitable by 2020 and has seen its revenue and transactions double year-on-year in the last few years.

ORORI mainly focuses on quality accessories including wedding rings, engagement rings, men’s rings, women’s rings, necklaces, bracelets, ankle bracelet, women’s earrings, pendants, alphabet pendants, jewelry boxes, and jewelry cleaners.

ORORI has the vision to show the beauty of high-quality jewelry with unique and personalized designs to the wider community.

“The growth has been exponential. We will reach 100,000 user downloads by the end of April 2018,” Sumantri added.