Kejora Ventures Involves in Sorabel Funding
After rebranding, Sorabel claims to be the leading fashion commerce
Randi Eka - 20 May 2019
In early May 2019, Sorabel fashion commerce is said to receive Pre Series C from some investors. One of them is Kejora Ventures through its investment arm Kejora-Intervest Growth Fund. Andy Zain as Kejora’s Founder and Managing Partner confirms to DailySocial that their team has involved in Sorabel’s latest funding.
Zain said, the fresh funding is to tighten Sorabel’s cash position. In addition, it’s to intensify promotion of rebranding activities. Sorabel is a new brand since early 2019, a rebranding of Sale Stock.
The team leaks no further detail on this funding. Lingga Madu as the Founder & CEO of Sorabel said, “Rebranding is a complicated and challenging process, therefore, we’ve got enough support from internals and externals. We can only say it includes financial support.”
He also mentioned, the rebranding went well. Starts from internal research, Sorabel’s brand perception indicator has surpassed Sale Stock’s, within three months. Lately, Sorabel took the fifth position in Google Play in Shopping (free) category in Indonesia, with Shopee, Tokopedia, Lazada, and Bukalapak.
“Last year we decided to make a rebranding from Sale Stock to Sorabel, the name reflects consistency on our strategy to become the main destination of fashion lifestyle,” he added.
In order to set the business in the front gate of fashion commerce, some strategies are served. Using a new innovation called “Coba Dulu Baru Bayar”, the courier will wait for 15 minutes for consumer to try on the products. Then, they only have to pay for those fit their size and return the unsuitable ones, without additional cost.
“Many of the customers order two sizes for the same product, and return the ones that didn’t fit,” he said.
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In the mid 2017, Sale Stock receives Series B funding from some investors, includes Gobi, Alpha JWC Ventures, Convergence Ventures, KIP, MNC, and SMDV worth of 360 billion Rupiah. In 2018, precisely their third anniversary, they claimed to achieve the break even point (BEP).
Original article is in Indonesian, translated by Kristin Siagian