Orori Increases Innovations and Product Integration Post Series B Funding from Amand Ventures

Soon to implement online gold fiduciary platform

Randi Eka - 6 December 2018

Orori is reportedly to raise the latest funding in Series B round with an undisclosed value. According to George Budi Sumantri, Orori's Founder & CEO, funding was led by Amand Ventures with its affiliation supports.

The additional funding is to be relocated into several matters. First, the gold fiduciary business development which was delayed this year. In terms of products, there will be e-gold integration in Orori platform and vice versa. In terms of business, they're optimizing strategy to raise higher revenue post becoming antam official reseller.

In the interview, we mentioned Bappebti regulation related to the online gold product sales. Previously, some services were suspended, including Tokopedia's e-gold integration for sales. Sumantri said, the regulation hasn't been making any impact on Orori's business.

Regarding other business targets, he mentioned that there will be updates in Orori's platform at the end of this year, specifically on the mobile app. Sumantri explained the development team was trying to research and optimize mobile experience for an easy transaction.

The e-mas integration platform will be expanded later in 2019 to the partner platform. In addition, they also intend to have a partnership with offline retails. Up to this year, there were at least 70 partner outlets in all around Indonesia.

Previously, Orori has obtained series A funding from 500 Startups, East Ventures, and Spiral Ventures. Ideasource has also invested in the seed round.

Original article is in Indonesian, translated by Kristin Siagian

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