Indonesian jewelry estore Orori raises series A

Photo credit: itakefotos4u / 123RF.

(Update Sept. 3, 2016: The passage about Indonusa Dwitama was edited to better describe the relationship between the company and Tokopedia.)

Orori, an ecommerce player in Indonesia selling jewelry, gold, and gems, announced today it has raised a series A round of funding. The amount is in the “seven figures” ballpark, according to the company’s statement.

The lead investor is Indonusa Dwitama, the same firm that was involved in getting Indonesia’s largest C2C marketplace Tokopedia off the ground. East Ventures, 500 Startups, IMJ Investment Partners (which had already joined Orori’s pre-series A round in 2014), and other undisclosed investors also participated.

Orori founder George Budi Sumantri stared his career as an offline jewelry trader in Jakarta. Noticing the growing trend in online shopping, he completely shifted his operations to ecommerce in 2012.

The Indonesian jewelry market is worth about US$8 billion, Sumatri estimates. He says that Orori currently has no direct competitors in Southeast Asia, and that it has a similar business model to Bluestone’s and Caratlane’s in India.

With this round of funding, Orori hopes to open the platform to more brands, eventually switching to a marketplace model. It also wants to expand its own product lines and capture new customers beyond Indonesia.