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.