Orori has recently got invested by Ideosource, IMJ Investment Partners, East Ventures, and 500 Startups. George Budi Sumantri, Orori’s Co-Founder, revealed that the funding will mostly go to encourage the startup’s growth and will not spend big for ads. The startup targets $1 million per month starting next year, with 20 thousand transaction during the year is set as the new standard. “That’s our early expectation, and we’ll try to reach even more,” Sumantri said. Further he mentioned that his team doesn’t only aim to increase the income, but also the quantity as well.
“Bigger revenue should be equal to bigger quantity, meaning more new customers. The items’ value and number of transaction must be balanced,” he continued. To reach all that, Orori has yet planned to spend big to advertise the services. “Our focus’ growth is not only marketing, but also product development, user utilization, and internal team strengthening. The funding will be allocated properly,” Sumantri stated.
Currently, Orori has 40 talents on board. Sumantri claimed, “There are only a few, but I rather see the efficiency of it. If we want to add more, we’ll refer to really required skills set.”
Focusing on Product
In encouraging sales, Orori also plans to feature much cheaper items on their catalogue. Sumantri stated, “Cheaper means less quality or smaller attached diamond.”
Although enjoying 30 percent-per-month growth, Sumantri suggested that he doesn’t want the team to be satisfied just yet. He further plans to form a research and development team to upgrade the quality and quantity of items displayed at Orori.
“Their task would be to determine the exclusive jewelry collection that may only be found at Orori, as we have a direct access to factories and suppliers,” he said.
That’s how Orori attempting to attract many more users. The fact that Orori has the capability of producing most of the items themselves, given the fact that Sumantri and his family has been in the business for ages and that they have countless partnership with both local and global suppliers and factories, really gives Orori the privilege to lead the market.
Engaging Users to new business model
So far, Orori has had 25 thousand registered users at their disposal. The team has worked on developing the mortgage system for next year. “We are studying about its legalty, since online mortgage is something new here. In the U.S, it’s been implemented,” he explained.
Besides syncronizing the services with the current law, Sumantri emphasized that user engagement is also crucial. The new business model allows users to do trade between themselves. “We can’t reveal more about this at the moment. The point is, when they sell the item to us, we have our own standardized rate, but if they sell them to fellow users, they may get either higher or lower rate than the one we offer,” he explained.
Next year, Orori plans to do another fundraising to get a series A funding. “There are couple of investors who have shown their interest, I have also had the number but I can’t disclose it right now,” Sumantri ended.
