Fabelio

Fabelio, operating under PT Kayu Raya Indonesia, was an online-first furniture retailer founded in 2015 with a focus on the Indonesian market. The company was established by Marshall Utoyo, Christian Sutardi, Krishnan Menon, and Srinivas Sista, a team with collective experience from firms like Lazada, Zalora, and Monk's Hill Ventures. The founding was inspired by co-founder Christian Sutardi's personal frustrations with the local furniture market, which he found lacking in quality, affordable, and well-designed options with reliable customer service. Fabelio aimed to address this by working with Indonesian designers and manufacturers to offer a curated selection of furniture.

The business operated on an omnichannel model, combining its e-commerce platform with physical showrooms and experience centers, which grew to 20 locations across cities like Jakarta and Bandung. This allowed customers to see and touch products before buying, bridging the gap between online and offline retail. Fabelio's product strategy involved a mix of ready-stock and made-to-order items, an asset-light approach that kept inventory costs down. The company's target market was Indonesia's growing middle class, particularly newly married couples in their 30s. Revenue was generated through direct-to-consumer sales and a B2B interior design service for commercial clients like offices, hotels, and restaurants. By 2020, Fabelio had served over 1,000 B2B projects.

The company secured multiple funding rounds, including a US$500,000 seed round in 2015, a US$2 million Series A in 2016, a US$6.5 million Series B in 2018, and a US$9 million Series C in 2020. Investors included 500 Startups, MDI Ventures, AppWorks, and Venturra Capital. Despite ambitious growth plans and positive signs, including a surge in online sales during the COVID-19 pandemic, Fabelio faced significant financial difficulties. By late 2021, reports emerged of unpaid employee salaries and vendor bills. These issues, attributed by the CEO to the pandemic's impact and delays in new investment, culminated in the company being declared bankrupt by the Central Jakarta Commercial Court on October 5, 2022. Keywords: furniture retail, e-commerce, omnichannel, interior design, Indonesian market, B2B services, home decor, venture capital, startup bankruptcy, asset-light model