Indonesian jewelry shopping site Orori grabs seven-figure funding led by Ideosource

Indonesian jewelry ecommerce site Orori announced today that it received a seven-figure pre-series A investment led by local venture capital firm Ideosource, and followed by IMJ Investment Partners, East Ventures, and 500 Startups.

Orori will use the new funds to incorporate more products and services into its operation. “We believe it will speed up our company growth, and we are expecting [to more than triple] our revenue by next year in June,” says Orori founder Budi Sumantri. Orori is a Singapore-registered ecommerce company that holds stock of goods sold through its portal. Sumantri claims Indonesia is one of its key markets.

Representatives from Orori’s new investors will join the company’s board of directors to aid in the firm’s overall business and growth strategy. According to Sumantri, the company will receive a follow up round of funding some time in early 2015.

See: 10 things you need to consider before investing in Indonesia​

mCommerce is the future for precious stones


Currently, Orori sells products such as gold, diamonds, and other jewelry, but also offers investments products like gold bars. Its services include providing a common space for users to trade second-hand jewelry, scrap gold for refinement, or simply pawn precious gems for cash. Sumantri says Orori will launch a new website early next year, which will be geared toward a more intuitive mobile user experience. According to him, mobile users now account for the majority of Orori’s traffic.

An Indonesian native, Sumantri says the archipelago ranks in the top five countries with the highest demand for gold and diamonds. Sumantri says his family has been in the local jewelry business for more than 60 years. “Currently among our families, we have factories, wholesale and retail outlets for gold and diamond jewelry in Indonesia,” he explains.